HomeMy WebLinkAbout5.e. Naming of Depositories and Financial InstitutionsEXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETING DATE: January 7, 1992
AGENDA ITEM:
AGENDA SECTION:
Naming Depositories and Financial Institutions
Consent
PREPARED BY:
AGENDA NUILIVI
Jeff May, Finance Director
ATTACHMENTS:
AP VE BY:
Resolution
The City Council must annually redesignate the Official
Depositories/Financial Institutions for City Funds.
The attached Resolution reflects those institutions that we could
possibly expect to use for 1992.
I
RECOMMENDED ACTION:
Motion to adopt A RESOLUTION NAMING DEPOSITORIES/FINANCIAL INSTITUTIONS
FOR CITY FUNDS.
COUNCIL ACTION:
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 1992-
A RESOLUTION NAMING DEPOSITORIES/FINANCIAL
INSTITUTIONS FOR CITY FUNDS
WHEREAS, the City of Rosemount is required by law to designate
depositories/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/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 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., 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 7th day of January, 1992.
E.B. McMenomy, Mayor
ATTEST:
Susan M. Walsh, City Clerk
Motion by: Seconded by:
Voted in favor:
Voted Against: