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City ®f ORONO <br />RESOLUTION OF THE CITY COUNCIL <br />NO. <br />A-.ESOLUTION TO DESIG3NATE CITY OFFICIALS AUTHORIZED <br />TO APPROVE COLLATERAL TRANSACTIONS <br />WHEREAS, Minnesota Statutes Sec. 118.01 requires, in its <br />various subdivisions, approval of collateral and collateral <br />transactions by the City Council or its designee; and <br />WHEREAS, the Orono City Council has not heretofore <br />officially delegated this responsibility nor have they approved <br />collateral transactions, as noted by the City's Auditors in the <br />Minnesota Legal Compliance Audit for the year ended December 31, <br />1985. <br />NOW, THEREFORE BE IT RESOLVED, by the City Council of <br />the City of Orono, Minnesota that the City Finance <br />Director/Treasurer is hereby authorized to act on the City's <br />behalf to approve collateral and collate; i transactions for <br />deposits of City funds; and that the Deputy City Treasurer, or <br />the City Administrator, is hereby authorized to approve <br />collateral and collateral transactions in the absence of the City <br />Finance Director/Treasurer. <br />Adopted by the City Council of the City of Orono, <br />Minnesota at a regular meeting held December 8, 1986. <br />Mary C. Butler, ,layor <br />ATTEST: <br />Dorothy M. Hallin, City Clerk <br />