Laserfiche WebLink
<br />. <br /> <br />. <br /> <br />. <br /> <br />CITY OF ARDEN HILLS <br />RAMSEY COUNTY, MINNESOTA <br /> <br />RESOLUTION NO. 94-03 <br /> <br />RESOLUTION DESIGNATING BROKERAGE FIRMS FOR INVESTMENT IN <br />FINANCIAL INSTRUMENTS AUTHORIZED BY STATE STATUTE <br />CONSISTENT WITH THE FORMAL CITY INVESTMENT POLICY <br /> <br />WHEREAS, Resolution No. 94-02 designates several banks as <br />depositories for the sole purpose of investing funds of the City <br />of Arden Hills; and <br /> <br />WHEREAS, it is desirable to invest city funds at the highest <br />available interest rate; <br /> <br />NOW, THEREFORE, BE IT RESOLVED that effective this date, the <br />following brokerage firms are designated for the sole purpose of <br />investing city funds in Federal government instruments or in <br />banks or savings and loan certificates of deposits, or other <br />authorized investments allowed by state statutes and consistent <br />with the formal investment policy of the City: <br /> <br />Minnesota Municipal Money Market Fund (4M Fund) <br />paineWebber Incorporated <br />Piper Jaffray, Inc. <br />smith Barney Shears on <br /> <br />BE IT FURTHER RESOLVED that the city Treasurer is authorized to <br />take whatever actions are necessary to make investments at the <br />aforesaid brokerage firms and to ascertain that adequate <br />security, as required by the laws of the State of Minnesota, is <br />furnished by the issuing bank or savings and loan to protect the <br />city's deposited funds against financial loss; and <br /> <br />BE IT FURTHER RESOLVED that no collateral be required for Federal <br />government instruments since these investments are backed by the <br />full faith and credit of the united states government. <br /> <br />ADOPTED BY THE ARDEN HILLS <br />1994. <br /> <br />CITY COUNPIL THIS 3Iro DAY OF JANUARY, <br />/1 ,'./ ..../ <br /> <br />:Il~f: s{tf~:,;~~ <br /> <br />ATTEST: <br /> <br />