91-7707R68
RE~LVI'I~i NO. 7707
A RESOLUl'I~i DESIQ~fTING C~TAIIQ FIl1L
]IVSTI'itTTI~VS AS DEPOSITORIES FOR THE INV~S'Ii~IV'P
OF CITY FiII~IDS IN 1991
WHEREAS, the City of Richfield has nnnEyy which is available for investment, and
4 different fi.rsarycial institutions offer different rates of return on
investinents, ar~d
WF~tFAS, the City of Richfield shall purchase U.S. Treasury Bills, U.S.
Treasury Notes and other such goverirnent securities in the manner required by
Minnesota Statutes, Section 475.66 and 118.005 from the institution offering the
highest rate to the City Providing greater flexibility in the Ci_ty's investment
Pro9r'~- and maximize interest irx~ie thereoai.
NOW, Z~ORE, EIE IT RESOLVID by the City Coiu~Gil of the City of Richfield,
Miru~sota, as follows
1. It is hereby found and determined that it is in the best interests of the
the proper management Of City funds that certain f;nam;~ institutionns
be designated as additioa~al depositories for City furxis for 1991.
2. The following fi*~*rial institutions designated as depositories for
municipal funds:
Marquette National Bank
Merrill Lynch, Pierce, Feru~er' & Smith, Ix~c.
Rain Bosworth, Inc.
First Hank S~stsn Capital Markets Group
Pn~dential -Bache
Kidder, Peabody & Company
Norwest Investn~nt Services
Offerman & Ca~any Services
_ Piper, Jaffray & Ho~x~ood
Dean Witter Reynolds Inc.
Shearson LeY~man Brothers/E. F. Hutton
State Street Bank & Trust, Trust for Short-Term U.S. GoveYrnient Securities
3. The Treasurer is hereby authorized to deposit City funds in any or all of
the depositories herein designated. Such deposits may be made and with-
drawn from time to time by the Treasurer as his/her best j uu3gernnt and the
the interest of the City dictates.
4. The investment of funds aryl the reporting thereof pursuant to this reso-
lution shall be ooaxiucted in acoerdarx~e with -established policies of the
City regarding the investment of City funds.
Passed by the City Council of the City of Richfield, this c,~ay of January,
1991. (/~-
~~~~
Martin J. Mayor
ATTEST: f~
--~ " ~-°
~1~i.t~ ~ -~ -~.~
Thomas P. Ferber City Clerk