98-8559r
17
RESOLUTION NO. 8559
RESOLUTION DESIGNATING CERTAIN FINANCIAL
INSTITUTIONS AS DEPOSITORIES FOR THE INVESTMENT OF
CITY OF RICHFIELD FUNDS IN 1998
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, 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 1998.
2. The following financial institutions designated as depositories for the City of
Richfield funds:
Dain Rauscher, Inc.
Norwest Investment Services
Piper, Jaffrey, Inc.
Juran & Moody, Inc.
Miller & Schroeder Financial, Inc.
Dean Witter Reynolds, 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deposits may be made and withdrawn from time to time by the Treasurer or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.
Passed by the City of Richfield, Minnesota th~:ay of March.~~ ~J
Marlin ~aYor
ATTEST:
~M f? L~_/
Thomas P. Ferber, City Clerk