HomeMy WebLinkAbout6.h. Naming an Additional Depository / Financial Institution 4ROSEMOUNTEXECUTIVE SUMMARY
CITY COUNCIL
City Council Meeting Date: August 4, 2014
AGENDA ITEM: Naming an Additional AGENDA SECTION:
Depository/Financial Institution Consent
PREPARED BY: Jeff May, Finance Director AGENDA NO.
ATTACHMENTS: Resolution APPROVED BY:
RECOMMENDED ACTION: Motion to adopt A Resolution Naming an Additional
Depository/Financial Institution for City Funds.
ISSUE
Adding an additional depository/financial institution 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. On January 7`h the Council adopted a
resolution listing the organizations that we would deal with. Venture Bank, based in Eagan, has
approached the City about investing and has offered some very competitive CD rates that will give us
more flexibility in investing short-term. This 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 AN ADDITIONAL DEPOSITORY/FINANCIAL
INSTITUTION FOR CITY FUNDS
WHEREAS, the City of Rosemount is required by law to designate depositories and
financial institutions for City funds, which was done with the adoption of Resolution
2014 — 01 on January 7, 2014.
WHEREAS, the City of Rosemount at this time would like to add an additional
depository/financial institution for City funds.
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Rosemount
designates the Venture Bank and all branch offices of the aforementioned savings and
financial institution, for all authorized and suitable investments covered under the City's
Investment Policy, Policy F-5.
ADOPTED this 4" day of August, 2014.
William H. Droste, Mayor
ATTEST:
Clarissa Hadler, City Clerk