HomeMy WebLinkAboutResolution 2004-12 - Brokerage Investment Account with Pershing LLC 0 Document No. 6.i.
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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 CORCORAN, MINNESOTA
HELD: February 26, 2004
Pursuant to due call and notice thereof, a regular meeting of the City Council (the
Council) of the City of CORCORAN, (the City), Hennepin County, Minnesota, was
duly called and held at the City Hall in the City on 2/26/04 ,at 7p m.
The following members were present:
and the following were absent:
Member Thomas introduced the following resolution and moved its
adoption:
RESOLUTION NO. 2004-12
RESOLUTION AUTHORIZING AN INVESTMENT ACCOUNT WITH
PERSHING LLC
BE IT RESOLVED by the City Council (the "Council") of the City of CORCORAN,
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)
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1.02. Public Funds may be invested in the manner and in the securities detailed in
Minnesota Statutes, Sections 118A.04 and 118A.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 CORCORAN 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 Financing Director, 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 Administrator 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 City Administrator or the City Clerk 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.
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The motion for the adoption of the foregoing resolution was duly seconded by Member
Bucher and upon voted being taken thereon,the following voted in favor thereof:
Bucher, Guenthner, Lymangood and Thomas
and the following voted against the same:
Whereupon said resolution was declared duly passed and adopted on
February 26, 2004
STATE OF MINNESOTA )
)SS
COUNTY OF Hennepin )
I, the undersigned, being the duly qualified and acting City Clerk of the City of
CORCORAN, Hennepin County, 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 February 26, 2004
i<..cuLL-Lti LA,AA.Aivv-v,___
City Clerk
(SEAL)
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