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MINUTES <br />CITE' COUNCIL <br />JANUARY 13, 2020 <br />The Finance Director explained that Minnesota Statute requires that <br />2020 DESIGNATION <br />governing bodies designate one or more financial institutions as a <br />OF DEPOSIT & <br />depository for its public funds, and the State Auditor has recommended <br />INVESTMENT OF <br />that cities do this at least on an annual basis. She reported that in 2018 <br />LOCAL PUBLIC <br />Morgan Stanley notified the City that they would no longer provide <br />FUNDS <br />municipal investment services after March 2019, so these investments <br />were transferred to UBS Wealth Management. She noted at that time, <br />staff wanted to understand the strengths of the current investment <br />depositories and determine if another investment company would bring <br />any additional benefits. She stated that she attended a seminar hosted by <br />Lynn Cornwell of Morton Capital Markets and was impressed by the <br />additional services that can by provided by them that are not readily <br />available with the existing investment depositories. She stated that staff is <br />recommending that Morton Capital Markets be added to the City's <br />investment depositories and remove Morgan Stanley. <br />Lynn Cornwell, Morton Capital Markets, reviewed how she provides <br />information to her municipal clients that others do not provide. She <br />explained how the firm is paid and how they make sure they are <br />competitive to cities. <br />McGraw introduced the following resolution and moved its adoption: <br />RESOL UTION NO. 2020-1-7 — A UTHORIZE THE LITTLE CANADA <br />FINANCE DIRECTOR TO MAKE INVESTMENT OF FUNDS <br />UNDER MN STATE STATUTE 118A, AND THE CITY'S <br />INVESTMENT POLICY, AND DESIGNATE THE FOLLOWING <br />FINANCIAL INSTITUTIONS AS A DEPOSITORY OF PUBLIC <br />FUNDS <br />*2020 APPOINTMENTS — <br />CHECKING ACCOUNT DEPOSITORY: <br />US Bank National Association — Little Canada <br />INVESTMENT DEPOSITORIES: <br />PMA Financial Network, Inc. (4MFund) <br />Royal Credit Union (RCU) <br />UBS Wealth Management <br />Wells Fargo Advisors <br />Morton Capital Markets <br />US Bank National Association <br />The foregoing resolution was duly seconded by Fischer. <br />Ayes (5). <br />Nays (0). Resolution declared adopted. <br />L! <br />