HomeMy WebLinkAbout6.g. Naming of Depositories & Financial Institutions
EXECUTIVE SUMMARY
City Council Meeting Date: January 7, 2020
AGENDA ITEM: Naming of Depositories & Financial
Institutions
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 Depositories and
Financial Institutions for City Funds.
BACKGROUND
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 (listed on attached resolution).
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 Council adopt the above motion.
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2020 -
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; Northeast Bank; Old National
Bank; Sterling State Bank; TCF National Bank; U.S. Bank; 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; Cetera Investment Services LLC; Moreton Capital
Markets, LLC; Multi-Bank Securities, Inc. (MBS); Oppenheimer & Co., Inc.; RBC Capital Markets,
LLC; UBS Financial Services Inc.; U.S. Bank; 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 7th day of January, 2020.
_____________________________
William H. Droste, Mayor
ATTEST:
__________________________
Erin Fasbender, City Clerk