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<br />... <br /> <br />"'" ....... "'! <br /> <br />-: <br /> <br />RESOLUTION NO. 89-37 <br /> <br />State of Minnesota <br />County of Ramsey <br />City of New Brighton <br /> <br />. RESOLUTION DESIGNATING INSTITUTIONS AS DEFOSI'IORIES FOR INVES'IMENT PURPQSFS <br />AND NAMING THE PRIMARY DEPOSI'roRY AND RESCINDING RESOLUTION 89-21 <br /> <br />.Whereas, the City rrust officially designate depositories for funds; <br /> <br />, Whereas, the investment of funds shall be in accordance with Minnesota <br />Statutes and the guidelines established by the Financial Policy Advisory <br />Board; <br /> <br />Whereas, the City has used the services of the First State Bank of New <br />. Brighton as the primary depository and other institutions for invest.rrent <br />purfXJses; <br /> <br />NOW', therefore be it resolved that: <br /> <br />1. The First State Bank of New Brighton shall be designated as the City's <br />primary depository for 1989. <br /> <br />.' 2. 'Ihe institutions with which the City may make investments shall be as <br />,. follows: <br /> <br />American National Bank <br />Dain Bosworth Incorporated of Hinneapolis <br />First Bank National Association <br />First State Bank. of New Brighton <br />Juran and Moody, Incorporated <br />League of Minnesota Cities <br />Merrill Lynch <br />Piper, Jaffray and Hopwood <br />Shearson, LehJ:ran, Hutton, IncoytX)rated <br /> <br />3. Approval of the above institutions shall be contingent upon their <br />continuing to meet the guidelines of the Financial Policy Advisory Board. <br /> <br />4. Either a corporate surety bond or collateral shall be provided as <br />security when deposits made at any depository exceed the Federal DeJ.X>sitory <br />Insurance Corporation or Federal Savings and Loan Insurance Corporation <br />guarantee. <br /> <br />5. This Resolution shall be effective January 1, 1989. <br />6. This Resolution shall rescind in entirety Resolution 89-21. <br /> <br />Adopted this 14 t h <br /> <br />day of <br /> <br />March <br /> <br /> <br />...... 1..0. ....... .......... ~ <br /> <br />Mayor <br /> <br />;: <br />:1 " <br />~ : <br />-. <br /> <br />.--."0........ <br />iI '. <br />- ::1\'I;J:J;:ST:- <br />11 \ -.. <br />:l~tl~. <br />: 'Manjare\. A. Egan <br />'1 Finance Director/ <br />" City Clerk <br /> <br />'I <br /> <br />'; <br />, <br />