RES 15-02CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO: 2015-02
RESOLUTION ESTABLISHING DEPOSITORIES FOR CITY FUNDS
WHEREAS, the City of Otsego must, each year, designate official depositories for City funds
and approve the investment brokers to be used for invetment of City funds in accourance with
the City's Investment Policy and Minnesota Statutes I I8A.02.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
OTSEGO, WRIGHT COUNTY, MINNESOTA THAT:
1. The following are designated as official depositories for City funds:
a. The Bank of Elk River
b. KleinBank
2. The following are approved as investment brokers for the purposes of investing idle. cash
funds of the City:
a. Minnesota Municipal Money Market (4M) Fund
b. Multi -Bank Securities, Inc.
c. ICD Securities, Inc.
d. Northland Securities
e. Oppenheimer & Company, Inc.
£ RBC Capital Markets, LLC
3. Collateral is required for all bank deposits that exceed Federal Deposit Insurance
Corporation (FDIC) maximum coverage.
4. Investments shall be made in accordance with Minnesota Statutes 118A and the adopted
Investment Policy of the City of Otsego.
5. The Administrative Services Director may recommend additional depositories, brokers or
other repositories for City funds during the coming fiscal year.
ADOPTED by the Otsego City Council this 12th day of January, 2015.
MOTION made by Council Member Heidner
Schroeder -
IN FAVOR:
OPPOSED:
CITY OF OTSEGO
ATTEST:
�0..fYV`"►r� .
Tami Lo , City Clerk
and SECONDED by Council Member
Stockamp, Heidn,er, Darkenwald, Warehime, S6hroeder
None