ITEM 3.4 Resolution 2018-720 t�c le F ffo
MINNESOTA ! 7
DEPARTMENT INFORMATION
Request for
City Council Action
ORIGINATING DEPARTMENT REQUESTOR:
MEETING DATE:
Administration City Administrator/Finance Director Flaherty
November 13, 2018
PRESENTER(s) REVIEWED BY:
ITEM #:
Consent
3.4
STRATEGIC VISION
MEETS:
THE CITY OF OTSEGO:
X
Is a strong organization that is committed to leading the community through innovative
communication.
IS A PUBLIC HEARING REQUIRED?
Has proactively expanded infrastructure to responsibly provide core services.
No
Is committed to delivery of quality emergency service responsive to community needs and
expectations in a cost-effective manner.
In accordance with the City's Investment Policy, the City Council shall approve the investment brokers to be
Is a social community with diverse housing, service options, and employment opportunities.
In January 2018, the City Council approved Lynn Cornwell of Wells Fargo Securities, LLC to be an authorized
Is a distinctive, connected community known for its beauty and natural surroundings.
AGENDA ITEM DETAILS
RECOMMENDATION:
City staff is recommending that the City Council designate Moreton Capital Markets as an approved
investment broker for the purpose of investing public monies.
ARE YOU SEEKING APPROVAL OF A CONTRACT?
IS A PUBLIC HEARING REQUIRED?
No
No
BACKGROUND/JUSTIFICATION:
In accordance with the City's Investment Policy, the City Council shall approve the investment brokers to be
used for the purpose of investing public monies.
In January 2018, the City Council approved Lynn Cornwell of Wells Fargo Securities, LLC to be an authorized
investment broker. Lynn has just recently taken a new position with Moreton Capital Markets. I have
worked directly with Lynn since 2015, and indirectly through my previous job with another City. Lynn is
very client focused and has been a great help in building the City's investment portfolio.
Any investment security purchased from Moreton Capital Markets will be held in the centralized
safekeeping account with Wells Fargo Bank.
SUPPORTING DOCUMENTS ATTACHED:
• Resolution 2018-72
• Broker Certification Form
POSSIBLE MOTION
PLEASE WORD MOTION AS YOU WOULD LIKE IT TO APPEAR IN THEM IN UTES:
Motion to approve Resolution 2018-72; approving investment brokers.
BUDGET INFORMATION
FUNDING: BUDGETED:
N/A
CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO: 2018-72
APPROVING INVESTMENT BROKERS
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:
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.
d. Moreton Capital Markets
ADOPTED by the Otsego City Council this 13th day of November, 2018.
CITY OF OTSEGO
Jessica Stockamp, Mayor
Tami Loff, City Clerk
MOTION made by Council Member and SECONDED by Council Member
IN FAVOR:
OPPOSED:
Fonii BC 1 12009 SL
NOTIFICATION TO.BROKER AND CERTIFICATION BY BROKER
PURSUANT TO MINN. STAT, § 118A.44
I. Broker Information
1. Name of Firm: Moreton Capital Markets
2, Address: (Local) 540 Lake Street, Suite 9, Excelsior, MN 55331
(National) 101 South 200 East, Suite 300, Salt Lake City, UT 84111
3, Telephone Number: Local ,952-777-2626 National
4. Primary Representative/Manager/Partner in charge:
Erie Vos,.President 952-777-2626
Name and Title 'Telephone Number
It. Statement of Investment Restrictions;
To: Lynn Cornwell at Moreton Capital. Markets (name of broker)
The investments of City of Otsego (name of government entity)
must eomplym ith'the requirements of Minn. Stat §§ 1 l 8A.04, 118A.05 and 118A.06,
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(signed by official of local gover ment) (date)
Y—
III, Statement of Additional Investment Restrictions: (fill in if applicable)
Further be advised that City,of Otsego (name of government entity)
restricts its ipvestrnents as provided:
[�] in the attached Investment Policy
[ ] in the attached resolution(s) of the governing body.
City of Otsego (name of government entity; will provide
to the broker c s of any chap res to the Additional Investment Restrictions identified herein.
(signed by ollicial of local gov minent) (date)
i
N, Certification
We agree to conduct your investment transactions in accordance with Minn. Stat §§ III8A.04,
118A.05 and I I8A.06, and the provisions of any Additional Restrictions set forth in Section III above.
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signed by authorized representative of broker) (date)
Prior to completing au initial transaction with a broker, and annually thereafter, this form must be completed.
See instructions.