99-02t
CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NUMBER 99-2
REPLACING RESOLUTION OF 1998 (98-2 and 98-16)
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
First Banks - FBS Investment Services, Inc.
Norwest Investment Securities - Minneapolis, Minnesota
Edward D. Jones & Co. - Northern Chicago Bank
Smith Barney - Chemical Bank Minneapolis
Minnesota Municipal Money Market Fund - St. Paul, Minnesota
Juran and Moody, a division of Miller, Johnson & Kuehn, Incorporated
BE IT FURTHER RESOLVED, that to properly diversify and protect the City's funds the
City Treasurer is authorized to deposit up to five million dollars ($5,000,000.00) 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.
This Resolution was passed this 11TH day of January, 1999.
91)
ARRY R, MAYOR
4CITY TSEGO