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HomeMy WebLinkAbout6.g. Naming Additional Depositories Financial Institutions for City Funds EXECUTIVE SUMMARY City Council Meeting Date: November 5, 2018 AGENDA ITEM: Naming Additional Depositories/Financial Institutions for City Funds AGENDA SECTION: Consent PREPARED BY: Jeff May, Finance Director AGENDA NO. 6.g. ATTACHMENTS: Resolution APPROVED BY: LJM RECOMMENDED ACTION: Motion to adopt A Resolution Naming Additional Depositories/Financial Institutions for City Funds. ISSUE Adding additional depositories/financial institutions that the City will use for the remainder of this year. BACKGROUND The City is required to annually name the banks and other financial institutions that we may utilize in the coming year. On January 2nd the Council adopted a resolution listing the organizations that we would deal with. One of our agent/brokers that we have dealt with for a number of years is in the process of discontinuing offering services to municipal clients. We would like to add these additional depositories/financial institutions to give us flexibility when moving the investments from our current holder. This gives staff the authority to deal with the named organizations (and the others approved in January) only and if we need to deal with others Council would need to take action at a later date to add other banks or financial institutions. RECOMMENDATION Recommend the above motion. CITY OF ROSEMOUNT DAKOTA COUNTY, MINNESOTA RESOLUTION 2018 - A RESOLUTION NAMING ADDITIONAL DEPOSITORIES AND FINANCIAL INSTITUTIONS FOR CITY FUNDS WHEREAS, the City of Rosemount is required by law to designate depositories and financial institutions for City funds, which was done with the adoption of Resolution 2018 – 01 on January 2, 2018. WHEREAS, the City of Rosemount at this time would like to add additional depositories and financial institution for City funds. NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Rosemount designates the First Resource Bank and all branch offices of the aforementioned savings and financial institution, for all authorized and suitable investments covered under the City's Investment Policy, Policy F-5. BE IT FURTHER RESOLVED, that the City Council of the City of Rosemount designates depositories for City funds, Moreton Capital Markets, LLC; and RBC Capital Markets, LLC and all divisions of the aforementioned companies as agent/brokers, for all authorized and suitable investments covered under the City’s Investment Policy, Policy F-5. ADOPTED this 5th day of November, 2018. _____________________________ William H. Droste, Mayor ATTEST: __________________________ Erin Fasbender, City Clerk