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