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LAKE ELMO CITY COUNCIL MINUTES JANUARY 5, 1993 2 <br />B. Designation of Official Depositories <br />The City used the following depositories for placement of <br />City funds in a checking account, in certificates of deposit <br />for short term investments and in bonds for long-tem <br />investments. <br />Lake Elmo Bank <br />Royal Alliance Association <br />Paine Webber <br />Prudential Securities <br />Merrill Lynch <br />Minnesota Municipal Money <br />Inc. (Franklin Fund) <br />Market Fund (The 4M Fund) <br />Finance Director, Marilyn Banister, has indicated that these <br />six depositories have provided good service to the City in <br />1992. <br />M/S/P Johnston/Conlin - to designate the Lake Elmo Bank, <br />Royal Alliance Association, Inc. (Franklin Fund), Paine <br />Webber, Prudential Securities, Merrill and the Minnesota <br />Municipal Money Market Fund (The 4M Fund) as the City of <br />Lake Elmo's official depositories for 1993. (Motion carried <br />5-0) . <br />C. Resolution No. 93-1 Authorize Payment of Funds from <br />Lake Elmo Bank <br />M/S/P Johnston/Conlin - to adopt Resolution No. 93-1, as <br />amended, A Resolution Designating Official City Depository <br />and Authorizing Signatures For Payment of Funds from Lake <br />Elmo Bank. (Motion carried 5-0). <br />D. Designation of Legal Newspaper <br />Press Publications (St. Croix valley Press) was designated <br />our legal newspaper for 1992. They have again requested <br />they be considered as our legal newspaper as has the <br />Stillwater Gazette. Quotes were received and there is a <br />substantial difference in the legal rate from each <br />newspaper. The Stillwater Gazette provided a better <br />distribution of the paper. <br />M/S/P Mottaz/Johnson - to designate the Stillwater Gazette <br />as the City's Official Legal Newspaper for 1993, (Motion <br />carried 5-0). <br />The public will be informed of the change in the January <br />newsletter. <br />