2012-70 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, 201.2 at 7 pm.
The following members were present: Furlong, Ernst, Laufenburger, McDonald &
Tj ornhom
and the following were absent: None
Member Laufenburger introduced the following resolution and moved its adoption:
RESOLUTION NO. 2012-70
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)
1.02. Public Funds may be invested in the manner and in the securities detailed in
Minnesota Statutes, Sections 118A.04 and 118A.05.
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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
Ernst and upon voted being taken thereon, the following voted in favor thereof:
and the following voted against the same: Furlong, Ernst, Laufenburger, McDonald & Tjornhom.
Whereupon said resolution was declared duly passed and adopted on
December 10, 2012.
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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 /,�L yvt &i //, 20/ a---
/ j 1
To :: Gerhardt, City Clerk/Manager
(SEAL)
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