HomeMy WebLinkAbout8.d. Clarifying Financial Institution Designationr
CITY OF ROSEMOUNT
EXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETING DATE February 18, 1992
AGENDA ITEM:
AGENDA SECTION:
Clarifying Financial Instituion Designation
New Business
PREPARED BY:
Jeff May, Finance Director
AGENDA fl 1- j�
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ATTACHMENTS:
APP VE B
1/7/92 Resolution, New Resolution
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On January 7, 1992, the City Council redesignated the Official
Depositories/Finanancial Institutions for City Funds. At this
time, I woul like to amend the resolution to reflect other
investment options that we would be interested in pursuing. In the
past, we have historically only invested in Certificate of
Deposits. We would like the opportunity to look into the
possibility of using Treasuries and Mortgage -Backed Securities, as
well as the C.D.1s.
Also, sometime in the next 2 or 3 months staff would like to
approach Council with the idea of a Finance Committee that was
discussed in 1991. We also will be working on developing a formal
investment policy that Council can approve which will give both
Council and staff 'confidence that we are working together in the
best interests of the City.
RECOMMENDED ACTION:
Motion to adopt A RESOLUTION NAMING DEPOSITORIES/FINANCIAL INSTITUTIONS
FOR CITY FUNDS.
COUNCIL ACTION:
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 1992- 2
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:
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Su an M. Walsh, City Clerk
Motion by: Wi ppermann Seconded by: Kl assen
Voted in favor: Willcox, Wippermann, McMenomy, Staats, Klassen
Voted Against: None
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.
BE IT FURTHER RESOLVED, that the City Council of the City of
Rosemount designates depositories for City funds, Treasuries or
Mortgage -Backed Securities purchased using Juran & Moody, Inc.,
Witt Financial, or Prudential-Bache as its agent/broker.
ADOPTED this 18th day of February, 1992.
ATTEST:
Susan M. Walsh, City Clerk
Motion by:
Voted in favor•
Voted Against:
E.B. McMenomy, Mayor
Seconded by: