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<br />r I -'\) <br />( ); <br />~lll <br /> <br />**CONSENT AGENDA ITEM 7.1.** <br /> <br /> <br />MEMORANDUM <br /> <br />River TO: <br /> <br />FROM: <br /> <br />Mayor & City Council I\.\ <br />Lori Johnson, Finance Director ~W <br /> <br />DATE: <br /> <br />January 9, 1995 <br /> <br />SUBJECT: Resolution Designating Official Depositories <br /> <br />Minnesota Statutes, Chapter 118, requires that the City designate a depository or <br />depositories for deposit of its funds. In past years, the resolution has also included any of <br />the brokerage firms used by the City. The Statute does not require that information, so <br />the resolution has been modified to reflect just true financial institutions as specified in <br />the Statute. <br /> <br />The City will continue to invest with the same brokerage firms it has in the past. Those <br />firms include: <br /> <br />. <br /> <br />Smith Barney Shearson <br />Dain Bosworth <br />Prudential Bache <br />Merrill Lynch <br />Primevest <br />4M Fund <br /> <br />It has also been the City's informal policy that no investments are placed with brokerage <br />firms outside of the State of Minnesota. In light of the recent investment losses many <br />cities and counties have incurred, it is essential that both the city and broker are well <br />aware of Minnesota Statutes and what is legal, what is not, what is appropriate and what <br />is not. The City receives many calls from brokers in the southeast and southwest and <br />often times the brokers are not familiar at all with Minnesota Statutes. It has been my <br />policy to indicate to them that the City does not allow for funds to be invested with them. <br />If the Council does not agree with that policy and would like to make a change, this item <br />should be discussed at the meeting. If not, staff will proceed as in previous years. <br /> <br />council:deposit <br /> <br />. <br /> <br />13065 Orono Parkway · P.O. Box 490. Elk River, MN 55330. (612) 441-7420. Fax: (612) 441-7425 <br />