Adopt Resolution #14-05-083 Adding the Financial Firm of Robert W. Baird & Company, Inc to the City's List of Official Depositories of City Funds for 2014

Purpose:  The City is required by State Statute Chapter 118A.04 to officially designate certain institutions as official depositories of city funds.

Background:  Resolution #14-01-002 was adopted by the City Council at its regular meeting of January 14, 2014 which listed the designated financial depositories the city would be using for 2014.  This resolution is adopted on an annual basis at the first City Council meeting of the new year.

Since the January adoption, an individual client representative from one of the designated brokerage houses has joined another firm, Robert. W. Baird and Company, Inc.  Staff has a long positive investment history with this individual, and requesting authorization to begin investment with the new firm.

Any Financial Institution that is designated as an official depository is required to follow the city's investment policy which states that the city will only invest in investments with a rating of A or higher or government backed-securities.  The financial institution is required to annually submit a broker certificate attesting to having receiving the city's investment policy and agreeing to its terms.
Robert W. Baird is a recognized investment firm that would meet all of these requirements.

Motion for City Council to Adopt Resolution #14-05-083 adding the firm of Robert W. Baird, Company, Inc. to the city's list of official depositories of city funds for 2014.