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/y <br />f t: f: 1:1 NrilNs <br />To: Mark Bernhardon, City Administrator MR �3 01987�1n <br />FROM: Tom Kuehn, Finance Director `" • <br />DATE: March 26, 1987 �+17 y k�� ORorOV <br />SUBJRCT: 1987 Appointments - Additional Depositories - Resolution <br />Attachments: Proposed Resolution Adopting Appointments <br />ISSUE - Adoption of resolution for appointment of additional <br />depositories. <br />INTRODUCTION - The 1987 appointments were adopted at the January <br />s^ and -March 17, 1987 Council meetings. We purchased a bank <br />tificate of deposit on January 21, 1987 through Dain Bosworth, <br />-o need to name the bank as a depository. We also have received <br />a request from M. H. Novick s Co., Inc. of Minneapolis and <br />Orla:A- to add them as an investment banker for the City funds. <br />Novick has a relationship with Bear, Stearns 6 Co., a primary <br />dealer in U.S. Government securities reporting to the Federal <br />Reserve Bank of New York, whereby Bear Stearns provides <br />confirmations, monthly statementF and ... ranee coverage of <br />$2,000.000 per account, which supp .ents the $500,000 coverage <br />provided by the Securities Investor Protection Corp. (SIPC). <br />TO: <br />Mayor and City Council <br />FROM: <br />Mark Bernhardsen. City <br />AdministratorllF <br />�J <br />Forwarded recommendina approval of attached resolution. <br />PROPOSED MOTION - ..oved by seconded by to adopt <br />Resolution Number making additional depository_ appointments <br />for 1987. Ayes , Nays <br />