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Member Johnson introduced the following resolution and moved its adoption:
CITY OF MEDINA
RESOLUTION NO.99-37
RESOLUTION DESIGNATING INSTITUTIONS
FOR INVESTMENT OF THE CITY'S IDLE FUNDS
AND AUTHORIZING THE CITY CLERK -TREASURER
TO CONDUCT INVESTMENT ACTIVITIES
WHEREAS, the following institutions meet all of the requirements set forth in Minnesota State
Statutes, and;
WHEREAS, diversifying the institutions where the City invests ensures the City will receive the best
return on its investments, and;
WHEREAS, the City Clerk -Treasurer and the Deputy Clerk -Treasurer need to transfer money, set up
accounts, and sell and buy investments,
NOW, THEREFORE, BE IT RESOLVED by the City Council of Medina that the following
institutions be designated for investing Medina's idle funds:
Dain Rauscher, Inc.
Dain Bosworth Plaza
60 South Sixth Street
Minneapolis, MN 55402
U.S. Bank
100 South Fifth Street
Minneapolis, MN 55402
Norwest Investment Services
Norwest Center
Sixth & Marquette
Minneapolis, MN 55402
Solomon Smith Barney
345 St. Peter
1800 Landmark Towers
St. Paul, MN 55102
Prudential Securities Inc.
90 South 7`h Street
Suite 3500
One Seaport Plaza
Minneapolis, MN 55402
MBIA Municipal Investors Service Corp.
113 King Street
Armonk, NY 10504
BE IT FURTHER RESOLVED that the City Council of Medina authorizes the City Clerk -Treasurer
and Deputy Clerk -Treasurer to invest idle funds, transfer money, and buy and sell investments on
behalf of the City of Medina with the above institutions according to Minnesota State law.
99-37
06-01-99
86
Dated: June 1,1999
Johns Ferris, Mayor
ATTEST:
Paul Robinson, City Clerk -Treasurer
The motion for the adoption of the foregoing resolution was duly seconded by member
Hamilton and upon vote being taken thereon, the following voted in favor thereof:
Ferris, Hamilton, Johnson, and Zietlow
and the following voted against same: None Absent: Smith
Whereupon said resolution was declared duly passed and adopted.
99-37
06-01-99