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' � �'��`� RESOLUTION OF THE CITY COUNCIL
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. , A RESOLQTION TO DESIGNATE CITY OFFICIALS AUTHORIZED
TO APPROVE COLLATERAL TRANSACTIONS
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6�HEREAS, Minnesota Statutes Sec. 118.01 requires, in its
various subdivisions, approval of collateral and collateral
transactions by the City Council or its designee; and
WHEREAS, the Orono City Council has not heretofore
officially delegated this responsibility nor have they approved
: collateral transactions, as noted by the City's Auditors in the
Minnesota Legal Compliance Audit for the year ended December 31,
7.985.
NOW, THI:RSFORE BE IT RESOLVED, by the City Counci 1 of
the City of Orono , Minnesota that the City Finance
• Director/Treasurer is hereby authorized to act on the City's
behalf to approve collateral and collateral transactions for
deposits of City funds; and that the Deputy City Treasurer , or
the City Administrator , is hereby authorized to approve
collateral and collateral trarisactions in the absence of the City
Finance Director/Treasurer. � � -
Adopted by the Ci�ty Counci l of -the City of Orono,
Minnesota at a regular meeting held December 8, 1986.
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. Mary . ut r, Ma or
ATT T:
C�e� ,
. Do othy M. allin, City Clerk �
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