1989-114
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CITY OF HOPKINS
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Hennepin County, Minnesota
RESOLUTION NO. 89-114
A RESOLUTION APPOINTING SHEARSON LEHMAN HUTTON
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:
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a. That the firm of Shearson Lehman Hutton, 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
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purpose and whose names are in writing on file with the
Depository.
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 it 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 21st day of
November, 1989.
ATTEST:
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Genel
Clerk