RES 16-02CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO: 2016-02
RESOLUTION DESIGNATING DEPOSITORIES
AND APPROVING INVESTMENT BROKERS
WHEREAS, the Otsego City Council must on an annual basis designate one or more financial institutions as
a depository of City funds in accordance with Minnesota Statute § 118A.02, Subdivision l; and
WHEREAS, the Otsego City Council must on an annual basis authorize the investment brokers for the
purpose of investing public monies in accordance with the City's investment policy.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OTSEGO,
MINNESOTA:
That the following financial institutions are designated as depositories of City funds:
a. The Bank of Elk River
b. Klein Bank
c. Wells Fargo
2. That the following investment brokers are approved for the purpose of investing public monies:
a. Wells Fargo Securities, LLC
b. Oppenheimer & Co., Inc.
c. Northland Securities
ADOPTED by the Otsego City Council this 11th day of January, 2016.
MOTION made by Council Member Heidner and SECONDED by Council Member Schroeder.
IN FAVOR: Stockamp, Heidner, Schroeder, Darkenwald, Warehime
OPPOSED: None
CITY OF OTSEGO
�)M" A4t-6rk,,w '
Jessica Stockam , Mayor
ATTEST:
Tauri Loft, City Clerk