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93-128
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93-128
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<br />~ <br /> <br />RESOLUTION NO 93 -128 <br /> <br />STATE or IIINHESOTA <br />COUNTY orlWlSEY <br />CITY or HEll BRIGHTON <br /> <br />RESOLUTION AUTHORIZING AN INVESTJlENT IlAHAGEIIENT AGREEIIENT llITB PIPER CAPITAL <br />IlAHAGEIIENT INCORPORATED <br /> <br />Vhereas, there are advantages to an investment management agreement; <br /> <br />Vhereas, the area of the reserves most likely to benefit from such an <br />arrangement would be the Park Proceeds Fund, the Environmental Restoration Fund, <br />and the Army GAC Advance because of their suitability to commitment; <br /> <br />Vhereas, as an expansion of our basic banking services, Piper Capital <br />Hanagement Incorporated has proposed cash management services; <br /> <br />Now, therefore be it resolved that: <br /> <br />1. The City is agreeable to expansion of services with Piper Capital <br />Management to include cash management. <br /> <br />2. The terms of the expanded services will provide that: <br /> <br />a. Investments shall be in accordance with Minnesota Statutes and <br />New Brighton's investment policy. <br />b. Measurable portfolio standards shall be declared and periodic <br />reporting be required. <br />c. No trades would be allowed to be executed at Piper Jaffray. <br />d. The annual fee shall be .40% for the 1st year; .35% for the <br />2nd year; and, 30% for the 3rd year. <br /> <br />3. The City Manager and Finance Director shall be authorized to execute <br />the agreement. The agreement shall be approved as to form by the City Attorney. <br /> <br />Adopted this 26th day of October, 1993. <br /> <br />~ <br /> <br />/ <br /> <br /> <br />.:.::tl.t(u( fl,levne-t/z; <br /> <br />Barbara Jeanetta, <br />,Acting city Manager <br />I <br />/ <br />.../ <br /> <br />'" <br /> <br />- :cAT!EST:< <br />, - <br /> <br />,~ <br />Margaret . . Egan <br />Finance Director/ <br />City Clerk <br />F28/piper <br />
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