HomeMy WebLinkAbout6.e. Naming of Depositories & Financial Institutions
E X E C U T I V E S U M M A R Y
City Council Meeting Date: January 2, 2019
AGENDA ITEM: Naming of Depositories & Financial
Institutions
AGENDA SECTION:
Consent
PREPARED BY: Jeff May, Finance Director AGENDA NO. 6.e.
ATTACHMENTS: Resolution APPROVED BY: LJM
RECOMMENDED ACTION: Motion to adopt a Resolution Naming Depositories and
Financial Institutions for City Funds.
BACKGROUND
Each year, the Council is asked to name the depositories and financial institutions that the City will use in
the coming year. This item is on the agenda for Council to comply with the requirement to annually name
the banks and other financial institutions that we may utilize in the coming year.
This list gives staff the authority to deal with the named organizations only. 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
Staff recommends the above motion.
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2019 - 02
A RESOLUTION NAMING 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.
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; and
BE IT FURTHER RESOLVED, that the City Council of the City of Rosemount
designates as depositories and financial institutions for City funds, BNC National Bank;
Choice Bank; First Resource Bank; First State Bank of Rosemount; Merchants Bank;
Old National Bank; Sterling State Bank; TCF National Bank; U.S. Bank National
Association; Vermillion State Bank; Wells Fargo Bank Minnesota National Association
and all branch offices of the aforementioned savings and financial institutions, 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, the 4M Fund; Moreton Capital Markets, LLC;
Morgan Stanley; Multi-Bank Securities, Inc. (MBS); Oppenheimer & Co., Inc.; RBC
Capital Markets, LLC; UBS Financial Services Inc.; and Wells Fargo Advisors 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 2nd day of January, 2019.
_____________________________
William H. Droste, Mayor
ATTEST:
__________________________
Erin Fasbender, City Clerk