05-9571r
171
RESOLUTION NO. 9571
RESOLUTION DESIGNATING CERTAIN FINANCIAL
INSTITUTIONS AS DEPOSITORIES FOR THE INVESTMENT OF
CITY OF RICHFIELD FUNDS IN 2005
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 of Richfield providing greater flexibility in the
investment program and maximize interest income thereon.
NOW, THEREFORE, BE IT RESOLVED, by 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 of Richfield funds that certain financial institutions be
designated as additional depositories for City of Richfield funds for 2005.
2. The following financial institutions designated as depositories for the City of
Richfield funds:
Dain Rauscher, Inc.
Wells Fargo Brokerage Services
N.A. Investment Services, Inc.
Morgan Stanley Dean Witter
Morgan Keegan
4M Fund
3. The Treasurer and Finance Manager are hereby authorized to deposit the City
of Richfield funds in any or all of the depositories herein designated. Such deposits may
be made and withdrawn from time to time by the Treasurer or Finance Manager's
judgment and as the interest of the City of Richfield 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.
Adopted by the City Council of the City of Richfield, Minnesota this 3rd day of January,
2005.
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Mat/tin? rl\ ~h
Martin J. Kirs~)Mayor
ATTEST:
Y'LO/lil A" j ~t+/~-1I"7
Nancy Gibbs(}ity Clerk