HomeMy WebLinkAbout4.f. Naming of an Additional Depository / Financial Institution w �
CITY OF ROSEMOIINT
FXECUTIVB S'Ob�lARY FOR ACTION
CITY COUNCIL MEETING DATE: June 1, 1993
AGENDA ITEM: Naming of an Additional AGENDA SECTION:
Depositor�/Financial Institution Consent
PREPARED BY: AGENDA ��M � � �"
Jeff Ma.y, Finance Director
ATTACffi�ffsNTS: Resolution APP VED Y:
Earlier this year, the City Council designated its Official Depasitories and
Financial Institutions for City funds. One of the institutions, Ma.rguette
Banks, has been bought out by the First Bank system. Due to the upcoming
merger, monies that are currently invested with Marquette will have to be
reinvested with other banks that we have designated or with the First Bank
system. To do this, we must add First Banks as an official Depository and
Financial Institution of the City. This is accomplished by the attached
resolution.
RECOMMENDED ACTION:
Motion to adopt A RESOLUTION NAMING AN ADDITI(3NAL DEPOSITORY/FINANCIAL
INSTITUTION FOR CITY FUNDS.
COUNCIL ACTION:
s . .
CITY OF ROSENlOUNT
DAROTA COtJNTY, MINNESOTA
RESOLIITION 1993 -
A RESOLIITION 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.
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City
of Rosemount designates as depositories and financial
institutions for City funds, First Bank, and all branch offices
of the aforementioned savings and financial institutions who are
qualified to guarantee investments up to $100, 000 through the
Federal Deposit Insurance Corporation(FDIC) , or through secured
collateral if higher than $100, 000 .
ADOPTED this lst day of June, 1993 .
E.B. McMenomy, Mayor
ATTEST:
Susan M. Walsh, City Clerk `
Motion by: Seconded by:
Voted in favor-
Voted Against: