1g. Approve Investment Provider0
CITY OF
CgA1VAASSEN
7700 Market Boulevard
PO Box 147
Chanhassen, MN 55317
Administration
Phone: 952.227.1100
Fax: 952.227.1110
Building Inspections
Phone: 952.227.1180
Fax: 952.227.1190
Engineering
Phone: 952.227.1160
Fax: 952.227.1170
Finance
Phone: 952.227.1140
Fax: 952.227.1110
Park & Recreation
Phone: 952.227.1120
Fax: 952.227.1110
Recreation Center
2310 Coulter Boulevard
Phone: 952.227.1400
Fax: 952.227.1404
Planning &
Natural Resources
Phone: 952.227.1130
Fax: 952.227.1110
Public Works
7901 Park Place
Phone: 952.227.1300
Fax: 952.227.1310
Senior Center
Phone: 952.227.1125
Fax: 952.227.1110
Web Site
www.ci.chanhassen.mn.us
MEMORANDUM
TO: Mayor & City Council Members
FROM: Greg Sticha, Finance Director
DATE: December 10, 2012
SUBJ: Approve Investment Provider
PROPOSED MOTION:
The City Council approves the attached Resolution Designating Northland
Securities as one of the City's Investment Providers.
Approval requires a simple majority vote of the City Council.
BACKGROUND
On occasion, staff reviews the local investment providers in the State of
Minnesota to ensure the city receives the most competitive bids when
purchasing investments, as well as maintain the security of investing in sound
financial instruments. Over the past six to nine months, staff has been reviewing
investment options with Northland Securities. On several occasions, this firm
has shown more competitive bids on local municipal securities as well as
showing a larger variety of municipal investment options. Northland Securities
has a long history of working in the Minnesota municipal market, showing
prudent care for local municipal invested funds.
RECOMMENDATION
Staff recommends that the City Council adopt the attached resolution
designating Northland Securities as an authorized investment provider for the
City of Chanhassen. This approval requires a simple majority vote of the City
Council.
ATTACHMENT
1. Resolution
f. \gregs \council\2012 \northland securities memo 12- 10- 12.docx
Chanhassen is a Community for Life - Providing for Today and Planning for Tomorrow
CORPORATE RESOLUTION
FOR
BROKERAGE INVESTMENT ACCOUNT
Account Number:
Office
Registered Rep.'s Name:
Registered Rep.'s Number:
Name for Filing
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF CHANHASSEN, MINNESOTA
HELD: December 10, 2012
Pursuant to due call and notice thereof, a regular meeting of the City Council (the
Council) of the City of Chanhassen, (the City), Carver and Hennepin Counties, Minnesota, was
duly called and held at the City Hall in the City on December 10, 2012 at 7 pm.
The following members were present:
and the following were absent:
Member introduced the following resolution and moved its
adoption:
RESOLUTION NO.
RESOLUTION AUTHORIZING AN INVESTMENT ACCOUNT WITH
PERSHING LLC
BE IT RESOLVED by the City Council (the "Council ") of the City of Chanhassen,
Minnesota, (the "City ") as follows:
Section 1. Recitals.
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)
Chanhassen Corp Resolution Page 1
1.02. Public Funds may be invested in the manner and in the securities detailed in
Minnesota Statutes, Sections 118A.04 and I I8A.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 Chanhassen 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 Greg Sticha, 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. ( "NSI "), 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 City Manager or any duly appointed deputy thereto are 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 Finance Director 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.
The motion for the adoption of the foregoing resolution was duly seconded by Member
and upon voted being taken thereon, the following voted in favor thereof:
and the following voted against the same:
Whereupon said resolution was declared duly passed and adopted on
December 10, 2012.
Chanhassen Corp Resolution Page 2
STATE OF MINNESOTA )
)SS
COUNTIES OF CARVER AND HENNEPIN )
I, the undersigned, being the duly qualified and acting City Clerk of the City of
Chanhassen, Carver and Hennepin Counties, Minnesota, DO HEREBY CERTIFY, that I have
carefully compared the preceding extract of minutes of a meeting of the City Council of said City
held on the date therein indicated with the original minutes thereof on file in my office and that
the same is a full, true and correct transcript thereof insofar as said minutes relate to the topic
described in the title of the resolution set forth in the extract.
WITNESS my hand officially and the official seal of the City on
Todd Gerhardt, City Clerk/Manager
(SEAL)
Chanhassen Corp Resolution Page 3