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Home My WebLink About6.e. Naming Additional Depository/Financial InstitutionAGENDA ITEM: Naming an Additional Depository/Financial lnstitution AGENDA SECTION: Consent PREPARED BY: Jeff May, Finance Director AGEN 1 hi i 6 ATTACHMENTS: Resolution APPROVED BY: RECOMMENDED ACTION: Motion to adopt A RESOLUTION NAMING AN ADDITIONAL DEPOSITORY /FINANCIAL INSTITUTION FOR CITY FUNDS. ACTION: City Council Meeting Date: March 1, 2005 CITY OF ROSEMOUNT EXECUTIVE SUMMARY FOR ACTION 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 4 the Council adopted a resolution listing the organizations that we would deal with. With Council direction at the time, we explored adding an additional bank to invest City funds with. After corresponding with Anchor Bank and receiving information from the bank we are ready to pass a resolution adding them to our list of authorized banks. 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. r 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 2005 01 on January 4, 2005. 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 Anchor 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 15t day of March, 2005. ATTEST: Linda J. Jentink, City Clerk CITY OF ROSEMOUNT DAKOTA COUNTY, MINNESOTA RESOLUTION 2005 William H. Droste, Mayor Motion by: Seconded by: Voted in favor: Voted Against: Members Absent: