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Home My WebLink About6.d. Naming Depositories & Financial Institutions1 ~ CITY OF ROSEMOUNT EXECUTIVE SUMMARY FOR ACTION CITY COUNCIL MEETING DATE: January 7, 2003 AGENDA ITEM: Naming Depositories & Financial Institutions AGENDA SECTION: Consent PREPARED BY: Jeff May, Finance Director AGEND lb o 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 2003 (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 2003 - 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 /Dain Rauscher, FTN Financial Group, Juran & Moody, Legg Mason Wood Walker, Incorporated, Morgan Keegan & Company, Inc., Prudential Securities Incorporated and Salomon Smith Barney Incorporated, as agent/brokers, for all authorized and suitable investments covered under the City's Investment Policy, Policy F -5. ADOPTED this 7 th day of January, 2003. William H. Droste, Mayor ATTEST: Gary D. Kalstabakken, Deputy City Clerk Motion by: Seconded by: Voted in Favor: Voted Against: Members Absent: