HomeMy WebLinkAbout6.i. Naming of Depositories & Financial Institutions 4ROSE1VMOUNT EXECUTIVE SUMMARY
CITY COUNCIL
City Council Meeting Date: January 7, 2014
AGENDA ITEM: Naming of Depositories & Financial AGENDA SECTION:
Institutions Consent
PREPARED BY: Jeff May, Finance Director AGENDA NO. (P•I .
ATTACHMENTS: Resolution APPROVED BY:
RECOMMENDED ACTION: Motion to adopt A Resolution Naming Depositories and
Financial Institutions for City Funds.
ISSUE
The annual naming of depositories and financial institutions that the City will use in the coming year.
BACKGROUND
This item is on the agenda for Council to comply with the requirement to annually name the banks and
other financial institutions that we may utilize in the coming year. This list gives staff the authority to deal
with the named organizations only and if we need to deal with others Council would need to take action at
a later date to add other banks or financial institutions.
SUMMARY
Recommend the above motion.
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2014 -
A RESOLUTION NAMING DEPOSITORIES AND FINANCIAL
INSTITUTIONS FOR CITY FUNDS
WHEREAS, the City of Rosemount is required by law to designate depositories and financial
institutions for City funds.
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Rosemount
designates the First State Bank of Rosemount, a locally owned bank, as an official depository for
City funds, both checking and savings; and
BE IT FURTHER RESOLVED, that the City Council of the City of Rosemount designates as
depositories and financial institutions for City funds, Anchor Bank N.A.; BNC National Bank; First
State Bank of Rosemount, Merchants Bank, Sterling State Bank, TCF National Bank, U.S. Bank
National Association, Vermillion State Bank, Wells Fargo Bank Minnesota National Association and
all branch offices of the aforementioned savings and financial institutions, for all authorized and
suitable investments covered under the City's Investment Policy, Policy F-5.
BE IT FURTHER RESOLVED, that the City Council of the City of Rosemount designates
depositories for City funds, the 4M Fund; BBE Community Investment Partners LLC; First
Empire Securities; FTN Financial Group; Legg Mason Wood Walker, Incorporated; Morgan
Stanley Smith Barney (Citigroup Global Markets Inc.); Multi-Bank Securities, Inc. (MBS); Mutual
Securities, Inc.; Oppenheimer & Co., Inc.; PFM Asset Management LLC; UBS Financial Services
Inc.; Vining-Sparks IBG, L.P.; and Wells Fargo Advisors as agent/brokers, for all authorized and
suitable investments covered under the City's Investment Policy, Policy F-5.
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ADOPTED this 7 day of January, 2014.
_____________________________
William H. Droste, Mayor
ATTEST:
__________________________
Amy Domeier, City Clerk