07-01Resolution No. 2007 - 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.
That the following are designated as official depositories for City Funds:
Bank of Elk River, Elk River, MN.
Miller, Johnson, Steichen & Kinnard, Minneapolis, MN
First National Bank of Elk River, Elk River, 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 twenty five (25) million dollars ($25,000,000.00) 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
and the City's investment policy. 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 8th day of January, 2007.
City of Otsego
City Seal
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