RES 12-03Resolution No. 2012 - 03
City of Otsego
Country of Wright
State of Minnesota
A Resolution Establishing Depositories for City Funds.
WHEREAS, the City of Otsego each year must designate official depositories for City
Funds and approve the investment brokers in accordance with the City's investment policy,
Now, therefore, be it resolved by the City Council of Otsego, Minnesota.
1. That the following are designated as official depositories for City Funds:
The Bank of Elk River, Elk River, MN.
Klein Bank, Otsego, MN
2. That the following are approved as investment brokers for the purpose of
investment of City Funds:
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
RBC Capital Markets, LLC, Minneapolis, MN
3. That collateral is required for all deposits that exceed the amounts insured by the
Federal Deposit Insurance Corporation and investment of City funds shall be in
accordance with investment securities allowable under the State of Minnesota
guidelines for municipalities and the City's investment policy.
4. That the City's finance director may recommend, for City Council approval,
additional depositories or investment brokers for the purpose of investing City
funds during the year.
Dated this 9thday of January, 2012.
City of Otsego
Je ica Stockamp, Mayor
�m
Attest: Tami Loff, Ci Clerk
City Seal