HomeMy WebLinkAbout6.e. Naming Depositories and Financial Institutions
EXECUTIVE SUMMARY
City Council Regular Meeting: January 10, 2023
AGENDA ITEM: Naming of Depositories & Financial
Institutions
AGENDA SECTION:
Consent
PREPARED BY: Teah Malecha, 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, 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 2023:
Choice Bank
First Resource Bank
First State Bank of Rosemount
Merchants Bank
Oppenheimer & Co., Inc.
RBC Capital Markets, LLC
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 2023 by adopting the
attached Resolution Naming Depositories and Financial Intuitions for City Funds.
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2023-
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,
Oppenheimer & Co., Inc., RBC Capital Markets, LLC, and Wells Fargo Advisors for all
authorized and suitable investments covered under Minnesota Statute Chapter 118A and the
City’s Investment Policy.
ADOPTED this 10th day of January, 2023, by the City Council of the City of Rosemount.
Jeffrey Weisensel, Mayor
ATTEST:
Erin Fasbender, City Clerk