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Report Number 13-006 <br /> IIPN 'FW Agenda Section VI-5 <br /> BRICI-IT )IN Council Meeting Date January 8,2013 <br /> the city that works for you <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 2013 <br /> DEPARTMENT HEAD'S APPROVAL: <br /> CITY MANAGER'S APPROVAL: <br /> No comments to supplement this report 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 /> 2013. <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 thirteen 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 <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 2013. <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 /> pilootfilr/ <br /> Kevin Mannetter <br /> Assistant Finance Director <br />