85-6990R32
RESOLUTION N0. 6990
A RESOLUTION DESIGNATING CERTAIN FINANCIAL
INSTITUTIONS AS DEPOSITORIES FOR THE INVESTMENT
OF CITY FUNDS IN 1985
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
law 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 proper management of City funds that certain
finncial institutions be designated as additional depositories
for City funds for 1985•
2. The following financial institutions designated as depositories
for municipal funds:
F & M Marquette National Bank
Merril Lynch, Pierce, Fenner & Smith, Inc.
Dain Bosworth, Inc.
Prudential - Bache
Kidder, Peabody & Company
Offerman & Company, Inc.
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may be made and withdrawn from time to time by the Treasurer
as his/her best judgment and the interests of the City dictates.
4•
The investment of funds and the reporting thereof pursuant to
this resolution shall be conducted in accordance with estab-
lished policies of the City regarding the investment of City
funds.
Passed by the City Council of the
January, 1985.
A
e L. Acting City Clerk