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Home My WebLink About6.i. Naming Additional Depository/Financal Institution CITY OF ROSEMOUNT EXECUTIVE SUMMARY FOR ACTION CITY COUNCIL MEETING DATE: August 1, 2000 AGENDA ITEM: Naming Additional Depository/Financial AGENDA SECTION: Institution Consent PREPARED BY: Jeff May, Finance Director AGENDA� ,'�� ..�6 � � ATTACHMENTS: Resolution APPROVED BY: According to State Statutes, the City Council must annually redesignate the Official Depositories and Financial Institutions for City funds. This was done in January of this year. At this time we would like to add an additional bank to invest some of our short-term funds in. We expect that the investments would be in certificates of deposit (CD's) with maturities of 30 to 180 days in length. The bank, Sterling State Bank, is located in Lakeville and is hoping to open a branch on the Rosemount/Apple Valley border in the next year or two. Adding another bank allows us to further diversify our funds which adds to the level of safety we have by not having "too many of our chickens in one basket". The attached Resolution reflects the additional institution that we would like to use for 2000 (at this time). RECOMMENDED ACTION: Motion to adopt A RESOLUTION NAMING AN ADDITIONAL DEPOSITORY/FINANCIAL INSTITUTION FOR CITY FUNDS. COUNCIL ACTION: CITY OF ROSEMOUNT DAKOTA COUNTY, MINNESOTA RESOLUTION 2000 - 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 2000 — 01 on January 4, 2000. 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 Sterling State 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 1st day of August, 2000. Cathy Busho, Mayor ATTEST: Linda J. Jentink, City Clerk Motion by: Seconded by: Voted in favor: Voted Against: Members Absent: