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:N EN :NV`` <br /> Meeting Date: 1/11/95 <br /> Agenda Item: C 6 <br /> CITY OF FALCON HEIGHTS <br /> REQUEST FOR COUNCIL CONSIDERATION <br /> ITEM DESCRIPTION: Resolution designating official depositories for 1995 <br /> SUBMITTED BY: Susan Hoyt, City Administrator <br /> EXPLANATION /SUMMARY: <br /> The city annually designates its official depositories. Staff recommends that the <br /> Northstar Bank and the First Bank Systems be designated as official depositories with <br /> accompanying checking accounts. The Northstar Bank provides the city a monthly <br /> interest credit on its investable balance at month end. This account is useful for <br /> predictable cash flow such as payroll and small, routine disbursements. The First <br /> Bank System, which is available through the League of Minnesota Cities 4M fund <br /> which the city participates in, keeps the city's money in a 4M money market account <br /> which will provides a daily money market rate of return on any balance in the account <br /> at the end of the day. This will be useful for giving the best return on the larger <br /> deposits and disbursements. All investments are legal under state law. Several cities <br /> use this arrangement. <br /> In addition to the two depositories listed above, the city deposits funds in other <br /> financial institutions for investment purposes. In the past these institutions have not <br /> all been named as depositories, but it is procedurally useful to do so. The following <br /> institutions are recommended. They may or may not currently have city funds, but <br /> may be used at some time during the year depending upon the investment market. <br /> Northstar Bank <br /> First Bank <br /> Firststar Bank of N.A. <br /> Norwest Bank Minnesota N.A. St. Paul Office <br /> Firstar Bank of Roseville <br /> Dain Bosworth, Incorporated <br /> Smith Barney, Incorporated <br /> Edward D. Jones <br /> FBS Investment Services <br /> Dean Witter Reynolds, Incorporated <br /> Prudential Investment <br /> Minnesota Municipal Money Market Fund (4M) and Municipal Investors <br /> Service Corporation <br /> Merrill Lynch, Pierce, Fennera and Smith <br /> All investments are made according to state law and the city's investment policy. <br /> ATTACHMENTS: <br /> A Resolution designating the city's official depositories for 1995 <br /> B The city's investment policy <br /> ACTION REQUESTED: <br /> Adopt resolution approving official depositories for 1995 <br />