HomeMy WebLinkAbout6.f. Naming Depositories & Financial Institutions - CITY OF ROSEMOUNT
` EXECUTIVE SIiMMARY FOR ACTION
CITY COUNCIL MEETING DATE: January 7, 1997
AGENDA ITEM: Naming Depositories & Financial Institutions AGENDA SECTION.
Consent
PREPARED BY: Jeff May, Finance Director AGENDA NO.
ITC�II #
ATTACHMENTS: Resolution _ APPROVED BY:
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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 1997 (at
this time).
RECOMMENDED ACTION:
Motion to adopt A RESOLUTION NAMING DEPOSITORIES AND FINANCIAL tNSTITUTIONS
FOR CITY FUNDS.
COUNCIL ACTION:
ClTY OF ROSEMOUNT
DAKOTA COUNTIf, MINNESOTA
RESOLUTION 1997 -
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 Gity 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, First Bank, 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 BoswortM, 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 7th day of January, 1997.
Cathy Busho, Mayor
ATTEST:
Susan M. Walsh, City Clerk
Motion by: Seconded by:
Voted in favor:
Voted Against:
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