HomeMy WebLinkAbout6.i. Naming of Depositories & Financial InstitutionsAGENDA ITEM: Naming of Depositories Financial
Institutions
AGENDA SECTION:
Consent
PREPARED BY: Jeff May, Finance Director
AGENDA NO. lQ 1
ATTACHMENTS: Resolution
APPROVED BY:
PO
RECOMMENDED ACTION: Motion to adopt A Resolution Naming Depositories and
Financial Institutions for City Funds.
4 ROSEMOUNT
CITY COUNCIL
City Council Meeting Date: January 4, 2011
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.
SUMMARY
Recommend the above motion.
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2011
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 N.A.;
BNC National 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 the City Council of the City of Rosemount
designates depositories for City funds, the 4M Fund; BBE Community Investment
Partners LLC; FTN Financial Group; Legg Mason Wood Walker, Incorporated; Morgan
Stanley Smith Barney (Citigroup Global Markets Inc.); Mutual Securities, Inc.; UBS
Financial Services Inc.; and Wells Fargo Advisors as agent/brokers, for all authorized
and suitable investments covered under the City's Investment Policy, Policy F -5.
ADOPTED this 4 day of January, 2011.
ATTEST:
Amy Domeier, City Clerk
William H. Droste, Mayor