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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