88-7390R60
RESOLUTION N0. 7390
A RESOLUTION DESIGNATING CERTAIN FINANCIAL
INSTITUTIONS AS DEPOSITORIES FOR THE INVESTMENT
OF CITY FUNDS IN 1988
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
Minnesota Statutes, Section 475.66 and 118.005 from the. institution offering the
highest rate to the City providing greater flexibility in the City's investment
program and maximize interest income thereon.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Richfield,
Minnesota, 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 financial institutions
be designated as additional depositories for City funds for 1987.
2. The following financial institutions designated as depositories for
municipal funds:
Marquette National Bank
Merrill Lynch, Pierce, Fenner & Smith, Inc.
Dain Bosworth, Inc.
First Bank System Capital Markets Group
Prudential - Bache
Kidder, Peabody & Company
First Northern Securities, Inc.
Miller Schroeder
Norwest Investment Services
Offerman & Company Services
Piper, Jaffray & Hopwood
Shearson Lehman Brothers/E. F. Hutton
State Street Bank & Trust, Trust for Short-Term U.S. Government 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 investment of funds and the reporting thereof pursuant to this reso-
lution shall be conducted in accordance with established policies of the
City regarding the investment of City funds.
Passed by the City Council of the City of Richfield, ~ 4th d y fury,
1988.
ATTEST:
/~,
Thomas P. Ferber City Clerk
t~Grsn IY. Quam//' // Mayor