16-11170r RESOLUTION NO. 11170
RESOLUTION DESIGNATING CERTAIN FINANCIAL
INSTITUTIONS AS DEPOSITORIES FOR THE INVESTMENT OF
CITY OF RICHFIELD FUNDS IN 2016
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 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 2016.
2. The following financial institutions designated as depositories for the City of
Richfield funds:
RBC Capital Markets . Raymond James &Assoc.
Wells Fargo Institutional Brokerage & Sales 4M Fund
Northland Securities, Inc. U.S. Bank Institutional Sales
Oppenheimer & Co.
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made and withdrawn from time to time by the Treasurer or Finance Manager's judgment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 12th day of January,
2016. Olc f /
• ,
Debbie Goettel, Mayor
ATTEST:
Eliz eth VanHoose, City Clerk