2026-01-13 Resolution 12401City of Richfield January 13, 2026
County of Hennepin
State of Minnesota
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RESOLUTION NO. 12401
Motion by: Hayford Oleary
Seconded by: Coleman-Woods
RESOLUTION DESIGNATING CERTAIN FINANCIAL INSTITUTIONS AS
DESPOSITORIES FOR THE INVESTMENT OF CITY OF RICHFIELD FUNDS IN 2026
WHEREAS, the City of Richfield (City) has money available for investment; and
WHEREAS, different financial institutions offer different rates of return on investments;
and
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, in
accordance 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 funds in 2026.
2.The following financial institutions are designated as depositories for City funds:
Raymond James & Assoc.
4M Fund
Oppenheimer & Co.
RBC Capital Markets
Principal Custody Solutions
Northland Securities, Inc.
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withdrawn from time to time by the Finance Director’s discretion and as the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.
City of Richfield January 13, 2026
County of Hennepin
State of Minnesota
RESOLUTION NO. 12401
2 of 2
Adopted by the City Council of the City of Richfield, Minnesota, this 13th day of
January, 2026.
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
Mary B. Supple, Mayor
ATTEST:
Michelle Friedrich, City Clerk