RES 18-02CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO: 2018-02
DESIGNATING DEPOSITORIES
AND APPROVING INVESTMENT BROKERS
WHEREAS, the Otsego City Council must on an annual basis designate one or more financial institutions as
a depository of City funds in accordance with Minnesota Statute § 118A.02, Subdivision 1; and
WHEREAS, the Otsego City Council must on an annual basis authorize the investment brokers for the
purpose of investing public monies in accordance with the City's investment policy.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OTSEGO,
MINNESOTA:
1. That the following financial institutions are designated as depositories of City funds:
a. The Bank of Elk River
b. Klein Bank
c. Wells Fargo
d. Minnesota Municipal Money Market Fund (4M Fund)
2. That the following investment brokers are approved for the purpose of investing public monies:
a. Wells Fargo Securities, LLC
b. Oppenheimer & Co., Inc.
c. PMA Financial Network, Inc.
ADOPTED by the Otsego City Council this 8th day of January, 2018.
ATTEST:
CITY OF OTSEGO
Jessica Stockamp, May r
$,CAI C��!
Tami L-6ff, City Clerk
MOTION made by Council Member Heidner and SECONDED by Council Member
Tanner
INFAVOR: Stockamp, Heidner, Tanner, Darkenwald, Warehime
OPPOSED: None
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