92-7838R93
RESOLLIPI~i N0. 7838
A RE50LUTION DESIG[~TING t~tTAIId FIl~IAL
~I~1S/HRO~tAGE FIRMS AS DEP06ITORIES FOR THE INVESil~IVT
OF CITY FZ~S IN 1992
tnlE~2EA.S, the City of Richfield has tt~~ey which is available for investment, and
fn~m2EAS, different financial institutioa~s offer different rates of return on
investments, and
~.5, the City of Richfield shall P~ U.S. Treasury Bills, U.S.
Treasury Notes and other such gavex~ment securities in the manner required by
Minnesota Statutes, Section 475.66 arx3 118.005 fram the institution offering the
highest rate to the City providing greater flexibility in the City's investment
Program and maximize interest ia~oome thereon.
NOW, R~ORE, BE IT RE50LVED by the City Council of the City of Richfield,
Miru~esota, as follows
1. It is hereby found and determined that it is in the best interests of
the proper management of City funds that certain financial institutions
be designated as additional depositories for City funds for 1992.
2. The following financial institutions/bmokerage firms designated as
depositories for municipal funds:
Marquette Bank, Minneapolis
Merrill Lynch, Pierce, Fenner & Smith, Inc.
Dain Bosworth, Ixyc.
First Bank System Investment Services, Inc.
Prudential -Bache
Kidder, Peabody & Canpany
Norwest InvestinPnt Services
Piper, Jaffray & Hopwood
Dean Witter Reynolds Inc.
Shearson I,el~nan Brott~xs/E. F. Hutton
State Street Hank & Trust, Toast for Short-Team U.S. GvvemnP.nt Securities
Offerman & Ca~any Services
3. The ~.r is hereby authorized to deposit City funds in any
or all of the depositories herein designated. Such deposits may be made
and withdrawn .friar time to time by the Treasurer as his/hex best judgement
aryl the interest of the City dictates.
4. The investment of funds and the reporting thereof pursuant to this
resolution shall be eoa~ducted in aeoor~danoe with established policies of
the City regarding the investment of City funds.
Passed by the City Council of the City of Richfield, this 13th day of January,
1992. .jL
i w.:. , ~~`.,v~
Martin J. ~ Mayor
ATTEST: ~
<~~ ~ ~ ~ ~ ~
/ ~i,~-r~Cbo
Thanas P. Ferber City Clerk