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CORPORATE RESOLUTION <br />FOR <br />BROKERAGE INVESTMENT ACCOUNT <br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITE' COUNCIL, OF THE CITY <br />OF LAKE ELMO, MINNESOTA <br />HELD: November 3 2004 <br />Pursuant to due call and notice thereof, a regular meeting of the City Council (the <br />Council) of the City of Lake Elmo (the City), Washington County, Minnesota, was duly <br />called and held at the City Hall in the City on Wednesday, November 3, 2004, at 7:00 p.m. <br />The following members were present: <br />Lee Hunt, Steve DeLapp, Susan Dunn, Wyn John, Dean Johnston <br />And the following were absent: <br />Member <br />its adoption.: <br />introduced the following resolution and moved <br />CITY OF LAKE ELMO <br />WASHINGTON COUNTY, MINNESOTA <br />RESOLUTION 2004 — 097 <br />RESOLUTION AUTHORIZING AN INVESTMENT ACCOUNT WITH PERSHING <br />LLC <br />BE IT RESOLVED by the City Council (the "Council ") of the City of Lake Elmo, <br />Minnesota, (the "City ") as follows: <br />Section 1: Recital. <br />1.01. The City, pursuant to Minnesota Statutes, Sections 118A.01 through 118A..08, <br />has authority to invest "Public Funds" as defined. in Minnesota Statutes, Section 118A.01(4) <br />1.02. Public Funds maybe invested in the manner and in the securities detailed in <br />Minnesota Statues, Sections I I8A.04 and 118A.05. <br />1.03. Minnesota Statutes, Section 118A.02(1) permits the City Council to authorize <br />the treasurer or chief financial officer to make investments. <br />