2025-01-14 Resolution 12294City of Richfield January 14, 2025
County of Hennepin
State of Minnesota
RESOLUTION NO. 12294
1
Motion by: Hayford Oleary
Seconded by: Christensen
RESOLUTION DESIGNATING CERTAIN FINANCIAL INSTITUTIONS AS
DEPOSITORIES FOR THE INVESTMENT OF
CITY OF RICHFIELD FUNDS IN 2025
and
WHEREAS, the City of Richfield (City) has money available for investment; and
WHEREAS, different financial institutions offer different rates of return on investments;
WHEREAS, the City 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
investment program and maximize interest income thereon; and
NOW, THEREFORE, BE IT RESOLVED, the City of Richfield, Minnesota,
inaccordance with Minnesota Statutes, Sections 118A.01 – 118A.06, as follows:
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 in 2025.
2. The following financial institutions designated as depositories for City funds:
RBC Capital Markets Raymond James & Assoc.
Principal Custody Solutions 4M Fund
Northland Securities, Inc. Oppenheimer & Co.
Moreton Capital Markets Pershing Wealth Solutions BNY Mellon
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 Such deposits may be made and withdrawn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.
VOTING AYE VOTING NAY
Supple, Mary Supple, Mary
Burk, Walter Burk, Walter
Christensen, Sharon Christensen, Sharon
Coleman-Woods, Rori Coleman-Woods, Rori
Hayford Oleary, Sean Hayford Oleary, Sean
City of Richfield January 14, 2025
County of Hennepin
State of Minnesota
RESOLUTION NO. 12294
2
Adopted by the City Council of the City of Richfield, Minnesota this 14th day of
January 2025.
Mary Supple, Mayor
ATTEST
Michelle Friedrich, City Clerk