HomeMy WebLinkAbout20090105 - VI-05RESOLUTION #
INVESTMENT RESOLUTION
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WHEREAS, State of Minnesota Statutes Section ~ ~ 8 sets forth the procedures for the
deposit of Public Funds and it is policy of the Hastings City Council to authorize the Finance
Director, to annually designate a bank as the official depository for the City funds and manage the
collateral pledged to such funds; and
BE NT RES~LIIED, that the Finance Director { "officer" } is authorized, on behalf of an in
the Warne of the City, €a} to direct, orally or in writing or electronically or through any other
medium agreed to by said officer and the Corporate Treasury Division of l~.S. Bank l~.A. ~
"Treasury" }, the opening of an investment account and the investment of municipal, funds in
securities andfar time deposits with andlor through Treasury through such account; fib} to
execute, on behalf of the City, contracts or agreements in connection with such investment
account in the usual form provided by Treasury for such accounts generally; ~c} to endorse and
deliver far deposit, negotiation transfer, pledge, or sale, and to identify or guarantee signatures or
endorsements an, notes,. certificates of deposit, checks, and securities of all kinds, either
belonging to or coming into the possession of the City; and ~f} to authorize, orally or in writing or
through any other rnediurr~ agreed to by said officers and Treasury, the debiting and or crediting
by Treasury of this City's deposit accounts} at any financial insti~utian for the purpose. of effecting
such transaction. .
FURTHER RESQL1fED, that the pity Cleric of the City is authorized and directed to
certify to Treasury the foregoing resolutions and that the provisions thereof are in canforrriity with
the Articles and Bylaws of this City and to certify to Treasury the. names of the persons oow
holding the offices referred to above tend any changes hereafter in the persons holding said
offices together with specimens of the signature of such present and furore officer.
FURTHER RESQ~.1lED, that the authority granted to the officer of this City shall continue
in full force and effect, and Treasury may rely thereon in dealing Frith such officers, unless and
until written notice of any change in ar revocation of such authority shall be delivered. to Treasury
by an officer of this City, and any action taken by said officers and relied on by Treasury pursuant
to the authority granted herein to its receipt of such written native shall be ft,~lly and conclusively
binding on this City.
FURTHER RESOL~fEQ, that the actions of any officer of the City heretofore taken in
opening an investment account virith Treasury and in the investment of City of Hastings funds
through such account; be, and the same hereby are in all respects, ratified, confirmed, and
approved.
FURTHER RESOLVED; that al! prior resolutions of the City authorizing the opening of an
investment account with the Treasury and the investment of City funds through such account; be,
and the same hereby are, rescinded and superseded as to all such transactions with respect
thereto effected after the date of adoption of these resolutions.
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ADOPTED BY THE CITY COUNCIL ~F THE CITY ~F HASTINGS, THIS 5th DAY ~F
JANUARY, 2DD9.
Ayes:
Nays:
Absent:
maul J. dicks, Mayor
ATTEST:
Melanie Mesko Lee, Assistant AdministratorOCityCferk
CERTFICATE
I hereby certify that I am the duly appointed, qualified and acting City Clerk and the custodian of
the records of the City of Hastings, a municipality organized and existing in good standing under
the laws of the State of ~llinnesota.
l further certify that set forth below is the true title, name and genuine signatures of the duly
appointed, qualified and acting officer of the City presently haldir~g such offices who is authorized
under the foregoing resolutions:
TITLE * SIGNATURE
FINANCE DIRECTOR
IN Uti1lTNESS ~UHEREQF, I have affixed byname in my official capacity as City Clerk of the Gity
of Hastings an this 5th day of January, 2Q09.
Melanie Mesko Lee, Assistant AdministratariCity Clerk