HomeMy WebLinkAbout6.j. Approve Add'l Financial Institution
EXECUTIVE SUMMARY
City Council Meeting Date: December 1, 2020
AGENDA ITEM: Naming an Additional Financial Institution
for City Funds
AGENDA SECTION:
Consent
PREPARED BY: Jeff May, Finance Director AGENDA NO. 6.j.
ATTACHMENTS: Resolution APPROVED BY: LJM
RECOMMENDED ACTION: Motion to adopt A Resolution Naming an Additional Financial
Institution 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.
On January 7th the Council adopted a resolution listing the organizations that we would deal with. We
have an investment opportunity with a metro area bank and would like to add this additional financial
institution to allow us take advantage of this opportunity. This gives staff the authority to deal with the
named organization (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
Staff recommends approval of the above motion.
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2020 -
A RESOLUTION NAMING AN ADDITIONAL FINANCIAL
INSTITUTION 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
2020 – 05 on January 7, 2020.
WHEREAS, the City of Rosemount at this time would like to add an additional financial
institution for City funds.
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Rosemount
designates Drake 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.
ADOPTED this 1st day of December, 2020.
_____________________________
William H. Droste, Mayor
ATTEST:
__________________________
Erin Fasbender, City Clerk