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<br />~. <br /> <br />.. .....~- <br /> <br />RESOLUTION 87- J. <br /> <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF NEW BRIGHTON <br /> <br />RESOLUTION DESIGNATING DEPOSITORIES FOR CITY FUNDS <br /> <br />WHEREAS, the practice has been for the City to designate <br />the primary depository and the depositories for investment <br />purposes; <br /> <br />WHEREAS, the First State Bank of New Brighton now serves <br />as the primary depository and the City has been well treated <br />by the Bank; <br /> <br />WHEREAS, the City has used the services of the First <br />State Bank of New Brighton and other institutions for invest- <br />ment purposes; and <br /> <br />WHEREAS, the Financial Policy Advisory Board established <br />some guidelines for the designation of depositories. <br /> <br />NOW, THEREFORE, BE IT RESOLVED THAT: <br /> <br />1. The First State Bank of New Brighton shall be desig- <br />nated as the City's primary depository for 1987. <br /> <br />2. The following institutions will be designated as <br /> additional depositories: <br /> American National Bank <br /> First Bank, St. Paul <br />3. The following institutions will be designated as <br /> institutions through which the City may purchase <br /> authorized investments: <br /> <br />First State Bank of New Brighton <br />Piper, Jaffrey and Hopwood <br />American National Bank <br />First Bank, St. Paul <br />Juran and Moody <br />Twin City Federal Savings and Loan <br />Dain Bosworth Incorporated of Minneapolis <br /> <br />4. Approval of the above institutions shall be contin- <br />gent upon their continuing to meet the guidelines <br />of the Financial Policy Advisory Board. <br /> <br />5. Either a corporate surety bond or collateral shall be <br />provided as security when deposits made at any depos- <br />itory herein specified exceed the Federal Depository <br />Insurance Corporation or Federal Savings and Loan <br />Insurance Corporation guarantee. <br /> <br />Adopted this 13th day of January, 1987. <br /> <br /> <br />~~~~ <br /> <br /> <br /> <br />ATTEST: <br /> <br />t A. Egan <br />Dire~tor/City Clerk <br /> <br />(SEAL) <br />