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Ito •[-ky of <br /> N Report Number 11-008 <br /> BRIGHIiON Agenda Section VI-7 <br /> the city that works for you Council Meeting Date January 11, 2011 <br /> REQUEST FOR COUNCIL CONSIDERATION <br /> ITEM DESCRIPTION: Resolution Designating Institutions as Depositories of City Funds for <br /> Investment Purposes and Naming the Primary Depository for 2011 <br /> DEPARTMENT HEAD'S APPROVAL: <br /> CITY MANAGER'S APPROVAL: <br /> No comments to supplement this reports Comments attached <br /> Recommendation: <br /> To adopt the RESOLUTION DESIGNATING INSTITUTIONS AS DEPOSITORIES OF CITY <br /> FUNDS FOR INVESTMENT PURPOSES AND NAMING THE PRIMARY DEPOSITORY FOR <br /> 2011. <br /> Legislative History: <br /> Annually the City must authorize depositories for investment purposes and designate a primary <br /> depository to provide traditional banking services such as checking, deposits, electronic transfers, etc. <br /> The investment depositories are used to enable the City to invest its funds and maximize interest earnings <br /> while minimizing investment risks. <br /> Financial Impact: <br /> None <br /> Explanation: <br /> Primary Depository-New Brighton has banked with US Bank,the City's current primary depository, <br /> for more than eleven years. By participating in the Minnesota Municipal Money Market Fund (4M <br /> Fund), the City earns a competitive rate on its short term investments and incurs no charges for any of the <br /> standard banking services such as electronic funds transfers, deposits, and check clearing. This results in a <br /> significant savings to the City. The 4M Fund contract with the League of Minnesota Cities requires the <br /> use of US Bank as primary depository in order to obtain these free services. We have been very pleased <br /> with their services. The continuation of US Bank as the primary depository for the City is recommended <br /> for 2011. <br /> Investment Services- To ensure the highest rate of return on investments, rates are competitively <br /> obtained from several institutions. The City has been well served by its current investment institutions: <br /> RBC Capital Markets, Voyager Asset Management (4M Fund), Morgan Stanley Smith Barney, Wells <br /> Fargo Securities LLC,Wells Fargo Advisors, and Piper Jaffray. Continuing our relationships with these <br /> brokers and dealers is recommended. <br /> Dan Maiers <br /> Finance Director <br />