Resolution 48-02 Investment Account

BE IT RESOLVED BY THE CITY COUNCIL (THE “COUNCIL”) OF THE CITY OF MOUNTAIN IRON, MINNESOTA (THE “CITY”), as follows:

Section 1. Recitals. 

1.01 The City, pursuant to Minnesota Statutes, Sections 118A.01 through 118A.08, has authority to invest “Public Funds” as defined in Minnesota Statutes, Section 118A.01(4).

1.02 Public Funds may be invested in the manner and in the securities detailed in Minnesota Statutes 118A.04 and 118A.05.

1.03 Minnesota Statutes, Section 118A.02(1) permits the City Council to authorize the treasurer or chief financial officer to make investments.

1.04 The City of Mountain Iron is a “Government Entity” as defined in Minnesota Statues, Sections 118A.01(2).

1.05 Subject to compliance with Minnesota Statutes, Section 118A.04(9), the treasurer or chief financial officer may purchase securities through a broker-dealer.

Section 2. Approval of Account/Investments.

2.01 The Administrator, who is the City�s “treasurer or chief financial officer”, is authorized to open and maintain an investment account with BNY Clearing Services, LLC, a Bank of New York Company (BNY) through Northland Securities, Inc. (“NSI”), and any BNY or NSI affiliates, subsidiary, or successor corporation, for the purpose of buying and selling such securities as may be permitted by Minnesota Statutes, Section 118A.01 through 118A.08. The trading of options, trading on margin, and selling short is not authorized.

2.02 The Administrator or any duly appointed deputies thereto are authorized to act on behalf of the City with respect to the BNY/NSI investment accounts without any limitations. This authority includes, but is not limited to, the authority to open and close investment accounts, to execute documents on behalf of the City, to order securities transactions, to order assignment or transfer of securities and distribution of proceeds, and to otherwise make investment decisions on behalf of the City with respect to any investments or investment accounts.

2.03 That BNY/NSI and all transfer agents are authorized to rely upon the oral or written instructions of the Administrator without further inquiry into that person�s authority to act on behalf of the City. Furthermore, BNY/NSI and all transfer agents may continue to exercise such reliance until the City provides BNY/NSI with a certified copy of a resolution of the City revoking or modifying this resolution.

DULY ADOPTED BY THE CITY COUNCIL THIS 4th DAY OF NOVEMBER, 2002.