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1.02. Public Funds may be invested in the manner and in the Securities detailed in <br />Minnesota Statutes, Sections 118A.04 and I I8A.05. <br /> <br /> 1.03. Minnesota Statutes, Section 118A.02(1) permits the City Council to authorize the <br />treasurer or chief financial officer to make investments. <br /> <br /> 1.04. The City of Ramsey is a "Government Entity" as defined in Minnesota Statutes, <br />Section 11SA.01 (2). <br /> <br /> 1.05. Subject to compliance with Minnesota Statutes, Section 118A.04(9), the treasurer <br />or chief financial officer may purchase securities through a_broker-dealer. <br /> <br />Section 2. Approval of Account/Investments. <br /> <br /> 2.01. The Finance Director, who is the City's "treasurer or ch/el financial officer", is <br />authorized to open and maintain an investment account with BNY Clearing Services, LLC., a <br />Bank of New York COmpany ("BNY") through Northland Securities, Inc. ("NSI"), and any BNY <br />or NSI affiliate, subsidiary, or successor corporation, for the purpose of buying and selling such <br />securities as may be permitted by Minnesota Statutes, Sections 11. SA.01 through 118A.08. The <br />trading of options, trading on margin, and selling short i_s not authorized'. <br /> <br />2.02. <br /> <br />The Finance Director or any duly appointed deputy thereto are authorized to act <br />on behalf of the City with respect to the BNY/NSI investment accounts without <br />any limitations. This authority includes; but is not limited to, the authority to <br />open and 'close investment accounts, tq execute documents on behalf of the City, <br />to order securities transactions, to order assignment or transfer of securities and <br />distribution of proceeds, and to otherwise make investment decisions on behalf of <br />the City with respect to any investments or investment accounts. <br /> <br /> 2.03. That BNY/NSI and ail transfer agents are authorized to rely upon the oral or <br />written instructions of the Finance Director without further inquiry into that person's authority to <br />act on behalf of the City. Furthermore, BNY/NSI and all transfer agents may continue to <br />exercise such reliance until the City provides BNY/NSI with a certiired copy of a resolution of <br />the City revoking or modifying this resolution. <br /> <br />Ramsey Page 2 <br /> <br /> <br />