Resolution 81-2983- Appointment of Merrill Lynch Pierce Fenner & Smith, Inc.CITY OF HOPKINS
Hennepin County, Minnesota
RESOLUTION NO. 81 -2983
A RESOLUTION APPOINTING MERRILL LYNCH
PIERCE FENNER SMITH, INC., AS AN
ADDITIONAL DEPOSITORY AND INVESTOR OF
CERTAIN CITY OF HOPKINS FUNDS.
WHEREAS, the City of Hopkins has from time to time a need for temporary
investments of certain portions of its public funds, and
WHEREAS, such funds by law may be invested in certain governmental bonds
or other similar public securities available in the financial markets, and
WHEREAS, some of such public securities may be purchased or sold under
repurchase agreements for various time periods at a rate of return calculated
and reported daily or for longer time periods, and
WHEREAS, such transactions may require constant daily supervision and
management of such investments and funds by the Depository and the City, and
WHEREAS, the above named investment firm is nationally known and regarded
as being responsible and has the experience and staff necessary for the supervision
of such financial management and related matters pertaining to such investments.
NOW THEREFORE, it is hereby Resolved by the City Council of the City of
Hopkins as follows:
a. That the firm of Merrill Lynch Pierce Fenner Smith, Inc., is
hereby appointed as a nonexclusive Depository for and of those certain City public
funds selected by the City from time to time and deposited for investment by said
Depository.
b. That such funds may be invested or reinvested for the City by the
Depository from time to time in governmental securities including purchase
agreements involving such securities on financial or security exchanges, it being
understood that each, any and all such purchases, sales, investments, or reinvestments
for the City shall be made only after notice, consultation and agreement with
those certain City officers or employees who are from time to time designated by
Order of the City Council for said purpose and whose names are in writing on file
with the Depository.
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c. That all sales, confirmations, notices and demands upon the City may
be delivered by the Depository verbally or in writing to and agreed upon by any of
the City agents hereinafter set forth.
d. That the City hereby designates and appoints:
The Hopkins City Manager and
The Hopkins Finance Director
as its agents and representatives in connection with the transactions, investments,
and other related matters hereinabove set forth, either of said agents being hereby
authorized to act for the City in connection with the matters above set forth,
including authority to approve or disapprove any transaction deemed by such agent
to be proper.
e. That the City reserves the right to change, substitute or increase its
representatives by proper Council resolution or other action, or to cancel and
revoke this designation and appointment of above Depository and investor.
f. That notice of any such changes, appointments, or cancellations shall
be in writing and delivered personally or by U.S. Mail to the Depository.
Passed and adopted by the Council of the City of Hopkins, Minnesota, at
a regular meeting held thereof the 1 day of
J. SCOTT RENNE ROBERT F. MIT,TRR,
City Clerk Mayor
JOSEPH C. VESELY,
City Attorney
Decemberl981.