89-7495R56
RESOLUTION N0. 7495
A RESOLUTION DESIC~iATII~ CERTAIN FII~IVCTAT,
INSTITUPIO[V5 AS DEP06ITORIES FO~t THE INVESTMEN'T'
OF CITY FUNDS IN 1989
WHEREAS, the City of Richfield has money which is available for investment, and
WHEREAS, different financial institutions offer different rates of return on
irYVestments, arxi
WHEREAS, the City of Richfield shall purrha_9e U.S. TieasuYy Bills, U.S.
Treasury Notes arxi other suc~i gvvernnent securities in the manoner required by
Miru~esota Statutes, Section 475.66 ar~d 118.005 from the institution offering the
highest rate. to the City providing greater flexibility in the City's investment
program ar~d maxiut~ize interest iryoome the-reon.
NOW, THEREFiORE, BE IT RESOLVED by the City Camcil 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
the proper m~ar~agemPnt of City funds that certain f; *~*~; al institutions
be designated as additional depositories for City funds for 1989.
2. The followityg financial institutions designated as depositories for
municipal funds:
Mar+gtiette National Bank
Merrill Lyrrh, Pierce, Fenner & Smith, Ix~c.
Dain Bos~vaorth, ]nc.
First Hank System Capital Markets Gaup
Prudential -Bache
Kidder, Peabody & Company
First Northern Securities, Iryc.
Miller Schrnedez'
Norwest Investment Services
Offern~z & Cortq~any Services
Piper, Jaffray & Fio~xaood
Dean Witter Reyrblds Inc.
Styeai.~son Leh[tian Brothers/E. F. Hutton
State Street Bank & Trust, Trust far Short-Team U.S.
G~v~esrment 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 judgement and the
the interest of the City dictates.
4. The ~t of funds arxi the reporting thereof pursuant to this reso-
lution shall be oor~duc.'bed in aooordaYx7e with established policies of the
City regarding the investment of City funds.
Passed by the City Cau~cil of the City of Richfield, this 3rd dad of January,
1989.
J.
l
~T. -
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Thcmas P. FerbP,r City Clerk