05-01Resolution No. 2005 - 01
City of Otsego
Country of Wright
State of Minnesota
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.
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
Multi -Bank Securities, Inc.
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 ten (10) million dollars ($10,000,000.00) 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, 2005.
, Mayor
r.tst: *�v $-udson, City Clerk
City Seal