RES 13-03Resolution No. 201 3- 03
City of Otsego
Country of Wright
Se of Minnesota
A Resolution Establishing Depositories for City Funds.
WHE, SAS, the City of Otsego each year must designate official deposiZot'.'es for City
Funds and approve the In estinent brokers in accordance with the City' s -1n cstn ent policy,
Now, therefore, be It resolved by the City Council of Otsego,1 i ics ta.
1. That the following are designated as official depositories for City Funds:
The Bank of Elk River, Elk River, MN.
Klein Bank, Otsego, NM
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, NIN
1 Iti -Bank Securities, Inc,, Pleasant Ridge, M1
Nofhland Securities, Minneapolis, MT
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
Feder=al Deposit sit I s eanee Corporation and investment City fands shall be i
accordance with investment securitiesallowable under the SWI, o 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 101day of January, 2013.
City of Otsego
es ' a S oekamp, Mayor
d"V-:O�
Attest: Tani Lof, City Clerk