14-10887r RESOLUTION NO. 10887
RESOLUTION DESIGNATING CERTAIN FINANCIAL
INSTITUTIONS AS DEPOSITORIES FOR THE INVESTMENT OF
CITY OF RICHFIELD FUNDS IN 2014
WHEREAS, the City of Richfield has money which is available for investment, and
WHEREAS, different financial institutions offer different rates of return on investments, and
WHEREAS, the City of Richfield shall purchase U. S. Treasury Bills, U. S. Treasury Notes
and other such government securities in the manner required by law from the institution offering
the highest rate to the City of Richfield providing greater flexibility in the investment program and
maximize interest income thereon.
NOW, THEREFORE, BE IT RESOLVED, by the City of Richfield, Minnesota, in accordance 1
with Minnesota Statutes, Sections 118A.01 — 118A.06, as follows:
1. It is hereby found and determined that it is in the best interest of the proper
management of City of Richfield funds that certain financial institutions be designated
as additional depositories for City of Richfield funds for 2014.
2. The following financial institutions designated as depositories for the City of Richfield
funds:
RBC Dain Rauscher, Inc. Raymond James &Assoc.
Wells Fargo Institutional Brokerage & Sales 4M Fund
Northland Securities, Inc.
3. The Treasurer and Finance Manager are hereby authorized to deposit the City of
Richfield funds in any or all of the depositories herein designated. Such deposits may be made
and withdrawn from time to time by the Treasurer or Finance Manager's judgment and as the
interest of the City of Richfield dictates.
4. The investment of funds and the reporting thereof pursuant to this resolution shall be
conducted in accordance with established policies regarding the investment of these funds.
Adopted by the City Council of the City of Richfield, Minnesota this 14th day of January, 2014.
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Debbie Goettel, Mayor
ATTEST:
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Nancy Gibbs, ( i y Clerk