01-11 Resolution No. 11926
RESOLUTIONNO.
RESOLUTION DESIGNATING CERTAIN FINANCIALINSTITUTIONS AS
DEPOSITORIES FORTHE INVESTMENTOF CITY OFRICHFIELDFUNDSIN
2022
WHEREAS, the CityofRichfield(City)hasmoneyavailableforinvestment;and
WHEREAS, differentfinancialinstitutionsofferdifferentratesofreturnoninvestments;
and
WHEREAS, theCityshallpurchase U.S.TreasuryBills,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
investmentprogramandmaximizeinterest incomethereon; and
NOW, THEREFORE, BE IT RESOLVED, the City of Richfield, Minnesota,
inaccordance withMinnesota Statutes,Sections118A.01 – 118A.06,asfollows:
1.It is hereby found and determined that it is in the best interest of the proper
management of City funds that certain financial institutions be designated as
additional depositories for City fund in2022.
2.The following financial institutions designated as depositories for City funds:
RBC Capital Markets Raymond James & Assoc.
Wells Fargo Institutional Retirement & Trust 4M Fund
Northland Securities, Inc. Oppenheimer & Co.
3.The Finance Director 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 Such deposits may be made and withdrawn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 Finance Director’s discretion and as the interest of the
City dictates.
4.The investment of funds and the reporting thereof pursuant to this resolution
shall be conducted in accordance with established policies regarding the
investment of these funds.
th
Adopted by the City Council of the City of Richfield, Minnesota this 11day of
January, 2022.
MariaReganGonzalez,Mayor
ATTEST
KariSinning, CityClerk