HomeMy WebLinkAbout6.f. Naming Depositories and Financial Institutions
EXECUTIVE SUMMARY
City Council Regular Meeting: January 4, 2022
AGENDA ITEM: Naming of Depositories & Financial AGENDA SECTION:
Institutions Consent
PREPARED BY: Teah Malecha, Finance Director AGENDA NO. 6.f.
ATTACHMENTS: Resolution APPROVED BY: LJM
RECOMMENDED ACTION: Motion to adopt A Resolution Naming Depositories and
Financial Institutions for City Funds.
BACKGROUND
Each year, official depositories of funds are designated by the City Council. This gives staff the authority
to work with only the names organizations.
The following are recommended as depositories for fiscal year 2022:
Choice Bank
First Resource Bank
First State Bank of Rosemount
Merchants Bank
Moreton Capital Markets, LLC
Oppenheimer & Co., Inc.
RBC Capital Markets, LLC
U.S. Bank
Wells Fargo Advisors
These depositories have received and will comply with the City investment policy.
RECOMMENDATION
Staff recommends that the City Council designate the above as City depositories for 2022 by adopting the
attached Resolution Naming Depositories and Financial Intuitions for City Funds.
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2022-02
A RESOLUTION NAMING DEPOSITORIES AND FINANCIAL
INSTITUTIONS FOR CITY FUNDS
WHEREAS, the City of Rosemount is required to designate depositories and financial
institutions for City funds.
THEREFORE, BE IT RESOLVED that the City Council of the City of Rosemount,
hereby designates the following as depositories and financial institutions for City funds:
Choice Bank, First Resource Bank, First State Bank of Rosemount, Merchants Bank, Moreton
Capital Markets, LLC, Oppenheimer & Co., Inc., RBC Capital Markets, LLC, U.S. Bank, and
Wells Fargo Advisors for all authorized and suitable investments covered under Minnesota
Statute Chapter 118A and the City’s Investment Policy.
ADOPTED this 4thday of January, 2022, by the City Council of the City of Rosemount.
William H. Droste, Mayor
ATTEST:
Erin Fasbender, City Clerk