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REQUEST FOR COUNCIL CONSIDERATION Agenda Section: 8 •F <br /> ©mosQ Report Number: 9 l--3 7'L C <br /> Report Date: 9-10-9 2 <br /> 1111 <br /> �C ° STAFF REPORT Council Action: <br /> ❑ Special Order of Business <br /> CITY COUNCIL MEETING DATE September 14, 1992 0 Public Hearings <br /> XJ Consent Agenda <br /> 0 Council Business <br /> Item Description: AUTHORIZATION FOR EXECUTION OF THE TRANSFER OF FUNDS AND <br /> PURCHASE OR SALE OF SECURITIES ` <br /> Administrator's Review/Recommendation: aye <br /> ---7tL <br /> - No comments to supplement this report <br /> - Comments attached. <br /> Explanation/Summary (attach supplement sheets as necessary.) <br /> SUMMARY; <br /> I recently purchased an investment from Smith Barney. The Company requires that I submit to them both an <br /> authorization to transfer funds and an authorization to purchase or sell securities. I do not recall providing such <br /> documents in the past to banks or investment firms. I have been told that this is now common practice and that <br /> such authorizations protect both the City and the bank or investment firm. <br /> Attached please find a resolution authorizing the Finance Director - Treasurer and the Clerk - Administrator to <br /> transfer funds and to purchase or sell securities on behalf of the City of Mounds View. This authorization merely <br /> ratifies previous authorizations to invest City funds contained in my position description, State Statutes and the <br /> City Charter. It is an authorization to do what I have been doing for years and also ratifies past practice. <br /> The City Attorney has reviewed this resolution and has approved of it as to content and form. <br /> RECOMMENDATION; Donald Brager, Finance for <br /> Adopt Resolution No. 4271, A Resolution Authorizing The Transfer of Funds and the Purchase or Sale of <br /> Securities. <br />