HomeMy WebLinkAbout5.e. Naming Depositories and Financial Institutions for 1993 : �.
CITY OF R03EMOIINT
EXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETING DATE: January 5, 1993
AGENDA ITEM: AGENDA SECTION:
Naming Depositories and Financial Institutions Consent
PREPARED BY: AGENDA ��� � � ,"'
Jef f May, Finance Director ... C...
ATTACHMENTS: AP O B .
' Resolution G/
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 1993 (at this time) .
RECOMMENDED ACTION:
Motion to adopt A RESOLUTION NAMING DEPOSITORIES AND FINANCIAL
TNSTITUTIONS FOR CITY FUNDS.
COIINCIL ACTION:
. .. ,
CITY OF R03EMOUNT
DARQTA COIINTY� MINNESOTA
RESOLIITION 1993 -
A RESOLUTION NAMING DEPOSITORIES AND FINANCIAL
INSTITIITION3 FOR CITY FITND3
WHEREAS, the City of Rosemount is required by law to designate
depositories and financial institutions for City Funds.
NOW, THEREFORE, BE IT RES�LVED, 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 FIIRTHER RESOLVED, that the City Council of the City of
Rosemount designates as depositories and financial institutions
for City funds, First State Bank of Rosemount, Marquette Bank,
Metropolitan Federal-.Bank, fsb, Midway National Bank, Rosemount
National 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; and
BE IT FIIRT�iER 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. , Witt Financial, or
Prudential-Bache 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.
ADOPTED this 5th day of January, 1993.
E.B. McMenomy, Mayor
ATTEST:
Susan M. Walsh, City Clerk
Motion by: Seconded by:
Voted in favor•
�� Voted Against: