96-02Councilmember introduced the following resolution and moved its adoption:
RESOLUTION NUMBER 96-2
A RESOLUTION ESTABLISHING DEPOSITORIES FOR CITY FUNDS
WHEREAS, the City of Otsego each year must stipulate official depositories for
City funds.
NOW, THEREFORE, BE IT RESOLVED, that the City of Otsego designates the
following depositories as official city depositories of City funds:
Bank of Elk River - Elk River, Minnesota
Investment Center Located at Bank of Elk River
First National Bank of Elk River - Elk River, Minnesota
Investment Center Located at First National Bank of Elk River -
Anoka Office - Anoka, Mn
Marquette Bank of Monticello - Monticello, Minnesota
Security Bank Northwest of St. Michael - St. Michael, Minnesota
First Banks - FBS Investment Services Inc.
Norwest Investment Securities - Minneapolis, Minnesota
Edward D. Jones & Co. - Northern Chicago Bank
Smith Barney - Chemical Bank New York
Dain Bosworth - Norwest Bank Minneapolis
Minnesota Municipal Money Market Fund - St. Paul, Minnesota
BE IT FURTHER RESOLVED, that to properly diversify and protect the City's
funds the City Treasurer is authorized to deposit up to two million dollars ($2,000,000.00)
in each of these depositories. Collateral is required for funds that are not directly invested
in investment securities that are insured by the Federal Deposit Insurance Corporation or
other United States Government Agencies. Investments shall be in accordance with
investment securities allowable under the State of Minnesota investment guidelines for
municipalities. The City Treasurer shall deposit all or any part of the City's funds into the
approved depositories and withdraw the same when necessary, or when directed by the
City Council.
The motion for the adoption of the foregoing resolution was duly seconded by
Councilmember and upon vote being taken thereon, the following voted in favor thereof:
and the following voted against the same: , whereupon said resolution was passed this
8th day of January, 1996.
jL
Norman F. Freske, Mayor
ATTEST:
Maine Beatty, Clerk(Zoning A*.