03-01Resolution No. 2003-01
City of Otsego
County of Wright
State of Minnesota
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
Miller, Johnson, Steichen & Kinnard, Minneapolis, MN
First National Bank of Elk River, Elk River, MN
Investment Center located at First National Bank of Elk River, Anoka, MN
First Banks - FBS Investment Services, Inc.
Norwest Investment Securities, Minneapolis, MN
Edward D. Jones & Co. - Elk River, MN
Solomon, Smith, Barney - Minneapolis, MN
Minnesota Municipal Money Market (4M) Fund, St. Paul, MN
Northland Securities, Minneapolis, MN
Riverview Community Bank, Otsego, 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 1P day of January, 2003
City of Otsego
arry F ie , Mayor
Att s : AA Hudson, City Clerk