HomeMy WebLinkAbout1993-153 CCRMember Dave Rosene introduced the following resolution and
moved its adoption:
RESOLUTION NO. 93 153
RESOLUTION DESIGNATING A CUSTODIAN OF CITY INVESTMENTS
WHEREAS, Section 7.01 of the City Charter provides the City
Council with authority over City funds, including the safekeeping and
disbursement of public moneys; and
WHEREAS, the City has until now held its investment instruments
in safekeeping at the financial institution through which they were
purchased; and
WHEREAS, to meet the highest standards of public finance, it is
necessary to have the investment instruments held in custody at a
trust department separated from the financial institution through
which they were purchased; and
WHEREAS, the City has received viable proposals from two major
banks holding the necessary charters as trust institutions; and
WHEREAS, both proposals included a securities lending program
which would provide additional investment earnings for the City.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Brooklyn Center, Minnesota, as follows:
1. that First Trust National Association is hereby designated
as the custodian of the investment instruments of the City
of Brooklyn Center.
2. that First Trust National Association is hereby designated
to conduct a securities lending program for the City of
Brooklyn Center.
3. that the City Manager and City Treasurer are authorized and
directed to execute the necessary contracts on behalf of
the City.
September 27, 1993
ATTEST: Il- AAt_
Deputy Clerk
Date Todd Paulson, Mayor
The motion for the adoption of the foregoing resolution was duly
seconded by Member Celia Scott and upon vote being taken
thereon, the following voted in favor thereof:
Todd Paulson, Celia Scott, Dave Rosene, Barb Kalligher, and Kristen Mann;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.