HomeMy WebLinkAbout5D - P.L. Investment Authority
CONSENTAGENDA#:5(~
PREPARED BY: RALPH TESCHNER, FINANCE DIRECTOR
SUBJECT: CONSIDER APPROVAL OF RESOLUTION 96-01 DESIGNATING
INVESTMENT AUTHORITY OF BEHALF OF THE CITY OF PRIOR
LAKE
DATE: JANUARY 2,1996
INTRODUCTION:
The purpose of this agenda item is for the City Council to provide the
City's Finance Director the authority to open investment accounts in the
name of the City of Prior Lake for the purpose of investing idle cash
reserves from the City's pooled investment fund.
DISCUSSION:
When the City utilizes the services of various investment advisers, they
require written authorization designating the individual(s) who are
empowered to invest City funds. An approving resolution is normally the
preferred document which Staff has prepared. As is the case annually, both
the City Manager and the Finance Director are indicated within the
attached resolution with primary responsibility assumed by the City
Finance Director.
ALTERNATIVES:
The following alternatives are available to the City Council:
1. Approve Resolution 96-01 Designating Investment Authority on
Behalf of the City of Prior Lake.
2. Approve the resolution subject to any specific Council
amendments after removing the item from the consent agenda for
discussion.
RECOMMENDATION: Alternative #1. Staff would recommend that the Council adopt Resolution
96-01 which would place formal authority for investment activity on
behalf of the City of Prior Lake for the year 1996 with the City's Finance
Director along with the City Manager.
ACTION REQUIRED: A motion to approve Resolution 96-01 Designating Investment Authority
on Behalf of the City of Prior Lake as part of the consent agenda would be
in order.
REVIEWED BY:
INVI.WRT
16200 Eagle Creek Ave. S.E.. Prior Lake, Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245
AN EQUAL OPPORTUNITY EMPLOYER
RESOLUTION 96-01
RESOLUTION DESIGNATING INVESTMENT AUTHORITY
ON BEHALF OF THE CITY OF PRIOR LAKE
MOTION BY:
SECONDED BY:
WHEREAS,
the City of Prior Lake is organized as a municipal government under state
statutes and duly incorporated as a city in 1891; and
WHEREAS,
the City of Prior Lake is interested in investing its available funds at the
highest rate of return available subject to preservation of principal and in
accordance with state statutes and consistent with the cash flow needs of
the City; and
WHEREAS,
the primary responsibility for such investments is hereby charged to the
City Finance Director;
NOW, THEREFORE, BE IT RESOLVED by the Mayor and City Council that the following
individuals:
Frank Boyles
Ralph Teschner
are designated with full power and authority to open investment accounts in the name of the City
of Prior Lake, invest such funds of the City as deemed necessary and to execute all purchases
and withdrawals associated with such investments.
Passed and adopted this 2nd day of .T anuary, 1996.
YES
NO
Andren
Greenfield
Kedrowski
Mader
Schenck
Andren
Greenfield
Kedrowski
Mader
Schenck
Frank Boyles
City Manager
City of Prior Lake
{ Seal }
16200 Eagle Creek Ave. S.E.. Prior Lake. Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245
AN EQUAL OPPORTUNITY EMPLOYER