7.1. SR 01-03-1994
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**CONSENTAGENDA ITEM 7.1.**
FROM:
MAYOR AND CITY COUNCIL "
LORI JOHNSON, FINANCE DIRECTOR~~
TO:
DATE: DECEMBER 27, 1993
SUBJECT: RESOLUTION DESIGNATING
DEPOSITORIES OF CITY FUNDS
Each year, in accordance with Minnesota Statute 118, the City
must designate the depositories which will be used by the
City. The attached resolution lists the depositories used by
the City of Elk River. The list remains the same as it was in
1993. It has also been the City's policy that the City works
only with in-state investment brokers who are knowledgeable in
Minnesota municipal investment laws. In addition, this year
each broker must sign and return a Notification to Broker and
Certification by Broker as required by Minnesota Statute 475.66
before the City can invest with that broker.
The Council is asked to adopt the resolution designating the
depositories of City funds for 1994.
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P.O. Box 490 · 13065 Orono Parkway · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425
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RESOLUTION 94 -
RESOLUTION FOR THE CITY OF ELK RIVER
A RESOLUTION DESIGNATING DEPOSITORIES OF CITY FUNDS
BE IT RESOLVED by the City Council of the City of Elk River
that the following named banks are hereby designated
as the depositories for the funds of the City of Elk
River, Minnesota:
1- The Bank of Elk River
2. First National Bank of Elk River
3. Metropolitan Federal of Elk River
4. Primevest
5. Merrill Lynch
6. Prudential Bache
7. Smith Barney Shearson
e 8. Norwest Bank
9. Dain Bosworth
10. Paine Webber
BE IT FURTHER RESOLVED that the City Treasurer may recommend
that additional depositories be designated for
purposes of investing City funds.
Passed and adopted by the City Council of the City of Elk River
this 3rd day of January, 1994.
Henry A. Duitsman, Mayor
ATTEST:
Sandra A. Thackeray, City Clerk
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