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1'-.. .;, !' RESOLUTION NO. 85-1 :! STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF NEW BRIGHTON RESOLUTION DESIGNATING INSTITUTIONS AS DEPOSITORIES OF CITY FUNDS FOR INVESTMENT PURPOSES WHEREAS, the City Council must officially designate :: depositories for funds, and WHEREAS, the City Council designated the First State Bank of New Brighton as its primary depository, and WHEREAS, the City Council has determined that it is the best interest of the City to designate additional depositories of city funds for investment purposes, and WHEREAS, deposits in excess of the Federal Deposit Insur- ance Corporation or Federal Savings and Loan Insurance Corpora- tion shall be protected by corporate surety bond or collateral security in accordance with Minnesota Statutes Section 118.01. NOW, THEREFORE, BE IT RESOLVED that the City Council of New Brighton designates the following institutions as deposit- ories of City funds for investment purposes: I I BE IT FURTHER RESOLVED that the City Council of New I Brighton approves either a corporate surety bond or collateral I furnished as a security when deposits made at any depository I herein specified exceed the Federal Deposit Insurance Corpora- I tion or Federal Savings and Loan Insurance Corporation guarantee. I i ! i I I I i i ,I I I I 1 I I First State Bank of New Brighton American National Bank Norwest Bank Central Norwest Bank Minneapolis Norwest Bank St. Paul Offerman & Co., Inc. -Minneapolis FCA Asset Management of Minneapolis Oak Park Heights State Bank First Bank Minneapolis First Bank st. Paul F & M Marquette National Bank First State Bank of St. Paul Twin City Federal Savings and Loan Dain Bosworth Incorporate of Minneapolis Adopted this 8th day of January 1985. Henry S' Sa, City Manager ATTEST: j: ~ Margar~ Egan Finance Director/City Clerk ( SEAL)