RES 11-02Resolution No. 2011- 02
City of Otsego
Country of Wright
State of Minnesota
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 by the City Council of Otsego, Minnesota.
1. That the following are designated as official depositories for City Funds:
Bank of Elk River, Elk River, MN.
First National Bank of Elk River, Elk River, MN
Klein Bank, Otsego, MN
Minnesota Municipal Money Market (4M) Fund, St. Paul, MN
Multi -Bank Securities, Inc., Pleasant Ridge, MI
Northland Securities, Minneapolis, MN
Institutional CD's Inc., Scottsdale, AZ
2. That to properly diversify and protect the City's funds the City Treasurer is
authorized to deposit up to ten (10) million dollars ($10,000,000.00) in each of these
depositories. Collateral is required for funds that are not directly invested in investment
securities that are 100% 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 guidelines for municipalities
and the City's investment policy. 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.
Dated this 10t'day of January, 2011.
City of Otsego
�-NVL
Attest: Tami Loff, UCWLC •k