HomeMy WebLinkAbout5.d. Naming Depositories and Financial Institutions CITY OF ROSEMOUNT
EXECUTIVE SUbIl►�ARY FOR ACTION
CITY COUNCIL MEETING DATE: January 4, 1994
AGENDA ITEM: AGENDA SECTION:
Naming Depositories & Financial Institutions Consent
PREPARBD BY: AGENDA
Jeff May, Finance Director �� � �
� �
ATTACHMENTS: AP VED :
Resolution
The City Cauncil must annually redesignate the Offieial Depositories and
Financial Institutions for City funds.
The attached Resolution reflects those institutions that we could possibly
expect to use for 1993 (at this time) .
� � , � � �
RECOI�IlriENDTD' ACTION:
Motion to adopt A RESOLUTION NAMING DEPOSITORIES AND FINANCIAL
INSTITUTIpNS FOR CITY FUNDS.
CODNCIL ACTION:
� „_., '- :, . ��� . d . '" , . . . � , .. ' . ,.t. - .: .. a. . �. � .,-
, . '; . . . _ : :. , . .. �...- � . '. .-. ' . .: ;' ' . ; :,.�
CITY OF ROSEM
O
ZJ13T
DAKOTA COUN'PY, MINNESOTA
.
� - �-���.� ,� � .� _: ��.� : . .._� � , � . �
� � � ,,- _ , . : ..� � <: �. , ::.; . .
' �RESOLLTTION 7.994 �- _ , . , ; : . d��..., .., g ., „ .._.. . . ..�:.. .. _ y.>�x ,��
A RESOLUTION NAMING DEPOSITORIES AND FINANCIAL
INSTITtTTIONS 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 depositary 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,
Metropolitan Federal Bank, fsb, Midway National Bank, Rosemount
National Bank, and all branch offices of the aforementioned
savings and tinancial institutions who are qualified to guarantee
investments up to $100, 000 through the Federal Deposit Insurance
Carporation (FDIC) , or through secured collateral if higher than
$100, 000; and
BE IT FURTHER RESOLVED, that the City Council of the City of
Rosemount designates depositories for City funds, any
Certificates of Deposit purchased from any FDIC insured
institution using Juran & Moody, Inc. , Shearson Lehman Brothers,
Cadre Consulting Services, Inc. , or Prudential Securites
Incorporated as its agent/broker, provided that at no time shall
the amount on deposit, including accrued interest, be allowed to
exceed $100, 000 at any one institution.
m�
ADOPTED this 4th day of January, 1994 .
- E.B. McMenomy, Mayor
ATTEST:
Susan M. Walsh, City Clerk
Motion by: Seconded by:
Voted in favor:
Voted Against :