00-02RESOLUTION NO. 2000-02
CITY OF OTSEGO
COUNTY OF WRIGHT, MINNES<
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
Investment Center located at Bank of Elk River
Juran & Moody, a division of Miller, Johnson & Kuehn, Inc.
First National Bank of Elk River - Elk River, MN
Investment Center located at First National Bank of Elk
River - Anoka, MN
Marquette Bank of Monticello - Monticello, MN
First Banks - FBS Investment Services, Inc.
Norwest Investment Securities - Minneapolis, MN
Edward D. Jones & Co. - Northern Chicago Bank
Smith, Barney - Chemical Bank - Minneapolis, MN
Minnesota Municipal Money Market (4M) Fund - St. Paul, MN
2. That to properly diversify and protect the City's funds
the City Treasurer is authorized to deposit up to five (5)
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 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.
Dated this 10th day of January, 2000.
ATTEST:
Elaine Beatty, Cler
CITY OF OTSEGO