HomeMy WebLinkAbout4.b. Designation of Official DepositoriesCITY OF ROSEMOUNT
EXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETING DATE: JANUARY 3, 1990
AGENDA ITEM: NAMING DEPOSITORIES AND
AGENDA SECTION:
FINANCIAL INSTITUTIONS
ORGANIZATIONAL MEETING
PREPARED BY: DON F. DARLING,
FINANCE DIRECTOR
AGEND 'M "7.
L.
ATTACHMENTS: RESOLUTION
APP VED BY,.
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The City Council must annually redesignate the Official Depositories/
Financial Institutions for City Funds.
The attached Resolution reflects those institutions that we expect or hope
to use for 1991.
RECOMMENDED ACTION:
Motion to adopt a Resolution Naming Depositories/Financial Institutions
for City Funds.
COUNCIL ACTION:
Adopted resolution.
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 1991-
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, the Minnesota Municipal Money Market Fund,
Metropolitan Federal Bank, First State Bank, Rosemount National
Bank, Marquette Bank Apple Valley and Midway 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 or
secured collateral; 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 2nd day of January, 1991.
ATTEST:
Susan M. Johnson, City Clerk
Motion by:
Voted in favor:
Voted against:
Vernon J. Napper, Mayor
Second by: