RES 2025-02 Designating Depositories and Investment BrokersCITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO: 2025-OZ
DESIGNATING 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.
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 Banl< of EII< River
b. Minnesota Municipal Money Market Fund (4M Fund)
c. RBC Capital Markets, LLC
d. US Bank
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.
ADOPTED by the Otsego City Council this 13th day of January, 2025.
MOTION BY:
SECONDED BY.
IN FAVOR:
OPPOSED.
Dunlap
Goede
Stockamp,
one
Dunlap, Goede, Lund,
and Tanner
CITY OF OTSEGO
Jessica L. Stockamp, Ma'�or
ATTEST:
Audra Etzel, City Clerk
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