RES 17-02CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO: 2017-02
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 1; 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 TRE 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.
ADOPTED by the Otsego City Council this 9th day of January, 2017.
ATTEST:
CITY OF OTSEGO
Jessica Stockamp, MAyor
Tami Lo , City Clerk
MOTION made by Council Member Heidner and SECONDED by Council Member
INFAVOR: Stockamp, Heidner, Warehime, Darkenwald, Tanner
OPPOSED: None
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