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L\-. <br /> CITY OF ST. ANTHONY <br /> REQUEST FOR CITY COUNCIL ACTION <br /> • ------------------------------------------------------------------------ <br /> Date Submitted Type of Action Requested Agenda Item Number <br /> X Resolution Reports-3e <br /> September 7, 1984 Ordinance <br /> Date Action Requested Formal- Action/Motion Title Des i gnat ion of <br /> Other <br /> September 11 , 1984 a Depository for Invest- <br /> ments <br /> ------------------------------------------------------------------------ <br /> TO: Mayor and Councilmen <br /> FROM: David M. Childs, City Manager <br /> ------------------------------------------------------------------------ <br /> SUMMARY DISCUSSION OF SUBJECT: I have met with Tom Brennan of Offerman and <br /> Co. and feel that the City could benefit from increased investment earnings by <br /> utilizing their U.S. Government Securities program through the Franklin Group. <br /> Current rates are about 13.8%. Only long term fund balance would be invested <br /> although the funds are liquid within 5 days, if necessary. <br /> • <br /> FISCAL IMPACT: Current investments of $1 mi 1 1 i on plus are earning between 1 1 .20 <br /> and 11 .86 percent and at the present time all are with Twin City Federal . <br /> ALTERNATIVES : Approve or deny. Some of the other cities with Offerman include- <br /> New Hope, Blaine, White Bear Lake, Lake Elmo, Matomedhi , and Mound. <br /> RECOMMENDATION: Recommend approval of the resolution. We will begin with <br /> $250,000 or so and report regularly on earnings and rates. <br /> • CITY.-.MANAGER' S REVIEW: COMMENTS : <br /> C <br />