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Home My WebLink About6.d. Naming Depositories and Financial Institutionsj CITY OF ROSEMOUNT EXECUTIVE SUMMARY FOR ACTION CITY COUNCIL MEETING DATE: January 6, 2004 AGENDA ITEM: Naming Depositories & Financial Institutions AGENDA SECTION: Consent PREPARED BY: Jeff May, Finance Director AGENDA NO. /. ATTACHMENTS: Resolution APPROVED BY: According to State Statutes, the City Council must annually redesignate the Official Depositories and Financial Institutions for City funds. The attached Resolution reflects those institutions that we could possibly expect to use for 2004 (at this time). RECOMMENDED ACTION: Motion to adopt A RESOLUTION NAMING DEPOSITORIES AND FINANCIAL INSTITUTIONS FOR CITY FUNDS, COUNCIL ACTION: CITY OF ROSEMOUNT DAKOTA COUNTY, MINNESOTA RESOLUTION 2004 - 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, Midway National Bank, 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 /DainRauscher; FTN Financial Group; Juran & Moody, Legg Mason Wood Walker, Incorporated; Morgan Keegan & Company; Inc.; Prudential Securities Incorporated; Salomon Smith Barney Incorporated; and Southwest Securities, Inc. as agent/brokers, for all authorized and suitable investments covered under the City's Investment Policy, Policy F -5. ADOPTED this 6 day of January, 2004. William H. Droste, Mayor ATTEST: Linda J. Jentink, City Clerk Motion by: Voted in Favor: Voted Against: Members Absent: Seconded by: