90-7598R58
RESOLUPION N0. 7598
A RESOLUTION DFSIC~TING CERTAIN FINAL
INSTITUTIONS AS DEPOSITORIES FOR THE INVESTMENT
OF CITY FUI~ll76 IN 1990
Wf~RE'AS, the City of Richfield has money which is available for investment, and
WF~REAS, different financial institutions offer different rates of return on
investments, arxi
WI~REAS, the City of Richfield shall purchase U.S. Treasury Bills, U.S.
Treasury Notes arxi other such government securities in the mannex required by
Minr~e.9ota Statutes, Section 475.66 and 118.005 from the institution offering the
highest rate tp the City providing greater flexibility in the City's investment
prDgram arx3 maxim; ze interest irx~ie thsreon.
NOW, Tf~DRE, BE IT RESOLVED by the City Cotuxil of the City of Richfield,
Misu~esota, as follows:
1. It is hereby fourrl and determi.ryed that it is in the best interests of the
the proper management of City funs that certain fi ~mi al institutions
be designated as additional depositories for City funds for 1990.
2. The following f; r,a,~r-.; al institutions designated as depositories for
municipal funds:
Marquette National Hank
Merrill Lynch, Pieroe, Fenner & Smith, Inc.
Dan Bosworth, InC.
First Bank System Capital Markets Group
Prudential -Bache
Kidder. Peabody & Company
First N~ Securities, Inc.
Miller Schroeder
Noxwest IrYVestment Services
Offern~an & Canpany Services
Piper, Jaffray & Holx~~ood
Dean Witter Reyrx~lds 7syc.
Sheaz'son Lehman Brothers/E. F. Hutton
State Street Hank & Trust, Trust for Short-Term U.S. Gent 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/hex best judgement and the
the interest of the City dictates.
4. The i:rrvestment of funds and the reporting thereof pursuant to this reso-
lution shall be eax~ted in aooo~rdarx~e with established policies of the
City regard iixJ the invesiinent of City furr3s .
Passed by the City Caaril of the City of Richfield, thus 8th d~/of January,
1990.
ATTEST:
~~~~9~ yyl.~-cam
Ttx;mas P. FerbPx City Clerk
J. Q~n,(` Mayor