HomeMy WebLinkAboutResolution 2004-097CORPORATE RESOLUTION
FOR
BROKERAGE INVESTMENT ACCOUNT
EXTRACT OF MINUTES OF A MEETING OF THE
CITE' COUNCIL, OF THE CITY
OF LAKE ELMO, MINNESOTA
HELD: November 3 2004
Pursuant to due call and notice thereof, a regular meeting of the City Council (the
Council) of the City of Lake Elmo (the City), Washington County, Minnesota, was duly
called and held at the City Hall in the City on Wednesday, November 3, 2004, at 7:00 p.m.
The following members were present:
Lee Hunt, Steve DeLapp, Susan Dunn, Wyn John, Dean Johnston
And the following were absent:
Member
its adoption.:
introduced the following resolution and moved
CITY OF LAKE ELMO
WASHINGTON COUNTY, MINNESOTA
RESOLUTION 2004 — 097
RESOLUTION AUTHORIZING AN INVESTMENT ACCOUNT WITH PERSHING
LLC
BE IT RESOLVED by the City Council (the "Council ") of the City of Lake Elmo,
Minnesota, (the "City ") as follows:
Section 1: Recital.
1.01. The City, pursuant to Minnesota Statutes, Sections 118A.01 through 118A..08,
has authority to invest "Public Funds" as defined. in Minnesota Statutes, Section 118A.01(4)
1.02. Public Funds maybe invested in the manner and in the securities detailed in
Minnesota Statues, Sections I I8A.04 and 118A.05.
1.03. Minnesota Statutes, Section 118A.02(1) permits the City Council to authorize
the treasurer or chief financial officer to make investments.
1.04. The City of Lake Elmo is a "government Entity" as defined in Minnesota
Statutes, Section 118A.01 (2).
1.05. Subject to compliance with Minnesota Statutes, Section 118A.04 (9), the
treasurer or chief financial officer may purchase securities through a broker- dealer.
Section 2: Approval of Account/Investments.
2.01. The Financing Director, who is the City's "treasurer or chief financial
officer ", is authorized to open and maintain an investment account with .Pershing LLC
through Northland Securities, Inc. (`NISI "), and any Pershing or NSI affiliate, subsidiary, or
successor corporation, for the purpose of buying and selling such securities as may be
permitted by Minnesota Statutes, Sections 118A.01 through 118A.08. The trading of
options, trading on margin, and selling short is not authorized.
2.02. The or any duly appointed deputy thereto is
authorized to act on behalf of the City with respect to the Pershing/NSI investment accounts
without any limitations. This authority includes, but is not limited to, the authority to open
and close investment accounts, to execute documents on behalf of the City, to order
securities transactions, to order assignment or transfer of securities and distribution of
proceeds, and to otherwise make investment decisions on behalf of the City with
respect to any investments or investment accounts.
2.03. That Pershing/NSi and all transfer agents are authorized to rely upon the oral
or written instructions of the without further inquiry
into that person's authority to act on behalf of the City. Furthermore, Pershing/NSI and all
transfer agents may continue to exercise such reliance until the City provides Pershing/NSI
with a certified copy of a resolution of the City revoking or modifying this resolution.