HomeMy WebLinkAbout6.g. Naming Depositories & Financial InstitutionsAGENDA ITEM: Naming Depositories Financial
Institutions
AGENDA SECTION:
Consent
PREPARED BY: Jeff May, Finance Director
AGENDA NO. to a
ATTACHMENTS: Resolution
APPROVED BY:
RECOMMENDED ACTION: Motion to adopt A RESOLUTION NAMING DEPO (TORIES
AND FINANCIAL INSTITUTIONS FOR CITY FUNDS
4 ROSEMOUNT
City Council Meeting Date: January 2, 2007
SUMMARY
Recommend the above motion.
CITY COUNCIL
EXECUTIVE SUMMARY
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.
ADOPTED this 2 day of January, 2007.
ATTEST:
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2007
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, Anchor Bank, 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 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 Securities, 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
Amy Domeier, City Clerk
Motion by: Seconded by:
Voted in Favor:
Voted Against.
Members Absent: