HomeMy WebLinkAbout6.f. Naming Depositories & Financial AccountAGENDA ITEM: Naming Depositories Financial
Institutions
AGENDA SECTION:
Consent
PREPARED BY: Jeff May, Finance Director
AG 6
ATTACHMENTS: Resolution
APPROVED BY:,C
RECOMMENDED ACTION: Motion to adopt A RESOLUTION NAMING DEPOSITORIES
AND FINANCIAL INSTITUTIONS FOR CITY FUNDS.
ACTION:
City Council Meeting Date: January 4, 2005
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
EXECUTIVE SUMMARY FOR ACTION
ADOPTED this 4 day of January, 2005.
ATTEST:
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2005
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, pursuant to Minnesota Statutes
118 01; and
BE IT FURTHER RESOLVED, that the City Council of the City of Rosemount
designates as depositories and financial institutions for City funds, First State Bank of
Rosemount, Rosemount National 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 /Dain Rauscher; FTN Financial
Group; Juran Moody, Legg Mason Wood Walker, Incorporated; Morgan Keegan
Company, Inc., Salomon Smith Barney Incorporated, Southwest Secunties, Inc., and
Wachovia Securities as agent /brokers, for all authorized and suitable investments
covered under the City's Investment Policy, Policy F -5
William H Droste, Mayor
Linda J. Jentink, City Clerk
Motion by: Seconded by:
Voted in Favor:
Voted Against:
Members Absent: