Agenda - Council - 08/08/1995 - Laserfiche WebLink

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-~R~MD~LL DEHMGOODRICH I I I I I I William IC Good, ch Attorney at Law, 2140 Fourth Avenue N. Anoka, IvIN 55303 Dear Mx. Goodrich: P.B/4 ANOKA COUNTY ATTORNEY ROBERT M.A. JOHNSON Government Center ~ 2100 Third Avenue · Anoka, MN 55303-2265 Administration Civil Division Family Law & Mental Health Division (612) 323-5550 (612) 422-7589 Fax Criminal Division Investigation Division Juvcnile Division Victim-Witness Services (612) 323-5586 (612) 422-7524 Fax July26, 1995 You have a~ked this office to investigate and prosecute, ff necessary, any crime that may have been committed by Glen Hardin in the designation of Northeast State Bank by the C/ty of Ramsey as a ci~ depository or the use by the city of Investmem Centers of America, Inc. for investments. Because the statute of limitation limits prosecution of any criminal violation /n this area to acts committed within the last three years, we have so limited our inqu/ry. We have investig~ited the circumstances of such designation and have found the follow/rig facts: I I I I I I I I The governing body of the city has acted in each of the last three years to designate depositories. In 1993 by' Resolution #93-01-007 the Ramsey City Council designated the Northeast State B',mk as a.depository. It also designated six other financial institutions as depositories. Co~jncilmember Glen Hardin abstained from the vote. In 1994 by Reiolution #94-01-008 the Ramsey City Council designated "Northeast State Bank, Minneapolis, M/nnesota, with brokerage services provided by: Investment Centers of America, Inc." as a depository. ~[t also designated nine other financial institutions as depositories. Councilmember Glen Hardin voted for the resolution. The vote was unanimous. In 1995 by Resolution #9~-01-015 the Ramsey City Council made the same designation with regard to Northeast Stat~ Bank and Investment Centers as in 1994. It also designated eleven other financial institutions as depositories. Mayor Glen Hardin abstained from the vote on the resolution. The city has only ~had a financial relationship with Investment Centers. No account has been opened, city funcll deposited or invested, nor other contractual relationship established with Northeast State Bank. Glen Hard/n has been an officer of the Northeast State Bank for all times relevant he.l'eto. Investment Centers of America, Inc. is a North Dakota corporation and is not a par[ of the Northeast State Bank corporate structure. Investment Centers leases office space from Northeast State Bank. The bank only receives rental income from the relationship. The City of Ramsey has purchased several certificates of depos/t through Investment Centers. These investments are the only financial arrangements the city has with Investment Centfirs. _ t Affirmative Action / Equal Opportunity Employer