RES 2023-49 Amending Designated Depositories and Approving Investment BrokersCITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO: 2023-49
AMENDING DESIGNATED DEPOSITORIES AND 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; and
WHEREAS, the Otsego City Council designated depositories and investment brokers on January 9, 2023; and
WHEREAS, the City has amended depositories and investment brokers.
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 Bankof EII< River
b. Minnesota Municipal Money Market Fund (41V] Fund)
c. RBC Capital Markets, LLC
2. That the following investment brokers are approved for the purpose of investing public monies:
a. RBC Capital Markets, LLC
b. Oppenheimer & Co., Inc.
c. Moreton Capital Markets
d. PMA Financial Network, Inc.
3. That Resolution 2023-02 is hereby superseded by this Resolution.
ADOPTED by the Otsego City Council this 14th day of August, LUZ I,
MOTION BY:Dunlap
SECONDED BY: Goede
IN FAVOR: Stockamp, Moores, Dahl,
OPPOSED: None
Goede, Dunlap
�a
CITY OF OTSEGO
Jessica L. Stockamp, Mayor
ATTEST;
L& 13;u r Lb "c k
Audra Eti I, City Clerk