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HomeMy WebLinkAbout2000-09-13 00-346 RESOLVEMURDER ACTION 00-346 Data: 9-13-00 Mw no 00-347 xteu/Cubject: RRSOLUMMUS AC[hor iziy the Finance Director and his/her designee to purcha9e and sell eeCuzities through two securities firms. Responsible Department: Finance Coneentary: Me attached two resolutions would allow the F Director s and his/her designee to buy and sell a xitiee through two fires:McDonald Inveatmevts (an affiliate of Rey Bank, our former depository bvd:, with which we've rad a longetanding relationship) and !IDSA, about which you recently received a corporate information. The resolution pertaining t0 McDonald Investmenteieplaces an misting resolution; the one pertaining t MBIA establishes anew relationahip. Both these authorizations came before the Finance Comittee recently, and both Fare approved. I recommend your approval. D&PMTMEMf HBAD Rmagm-a CummantJa: FdU1 U(La,�rwQ�5 a6J6 o. WOI/aWR wP/ :t t:� nr` - CITY M ER Associated Information: olution Budget Approval: FINANCEFINANCE DMECTOR Legal Approval: xnivanced Far_ om_ Passage First ReadingPage_of Referral to F _ inavice Comai tree A Sxsmed to Councilor Patter September 13, 2000 CITY OF BANGOR RESOLVED Whereas, In the conduct of normal aty business, It Is regularly necessary to purchase and sell securities to provide for and meet the Citys operating needs; and Whereas, MBUy Inc, has proposed services that facilitate the cost effective execution of such transactions; Now, Therefore, Be It ResoNed, THAT the Finance Director and his/her designee is authorized to enter into securities transactions with the aforesaid company. IP CITY'. CWNCIL September 13, 2000 Passed Lr ciSat 00-366 RESOLVE Authorizing the Finance Director avd hial her designee to Purchase and Sell Securities '1'hrought MIA, luc. CA