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Home My WebLink About6.g. Naming Depositories and Financial Institutions � ` CITY OF ROSEMOUNT EXECUTIVE SUMMARY FOR ACTION CITY COUNCIL MEETING DATE: January 5, 1999 AGENDA ITEM: Naming Depositories & Financial Institutions AGENDA SECTION: Consent PREPARED BY: Jeff May, Finance Director AGENDA�I�A �t � j� fo �! 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 1999 (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 1999 - 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, U.S. Bank National Association, Midway National Bank, Norwest Bank, Rosemount National Bank, Vermillion State Bank 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 Bosworth, Prudential Securities Incorporated and Smith Barney Incorporated, as agent/brokers, for all authorized and suitable investments covered under the City's Investment Policy, Policy F-5. ADOPTED this 5th day of January, 1999. Cathy Busho, Mayor ATTEST: Susan M. Walsh, City Clerk Motion by: Seconded by: Voted in favor: Voted Against: