RESO 24-001 - Designating depositoriesRESOLUTION NO. 24-001
RESOLUTION DESIGNATING DEPOSITORY
WHEREAS, Minnesota Statutes set procedures and require the City Council to
designate depositories for City funds which include the Housing and Redevelopment
Authority (HRA) as a blended component unit; and
WHEREAS, these statutes allow the City Council to authorize the Accounting
Supervisor or Finance Director/Treasurer to annually designate a bank as the official
depository for the City funds and manage the collateral pledged to such funds; and
WHEREAS, Wells Fargo Bank, Minnesota, N.A., is now the official depository; and
WHEREAS, Wells Fargo Bank, Minnesota, N.A., wires transfer funds to below
institutions for investments purchased by the City and HRA:
4M Fund
Bell Bank
BNC National Bank
First Independence Bank
RBC-Capital Markets, LLC
Sunrise Bank
UBS Financial Services, Inc
US Bank
Wells Fargo
THEREFORE, BE IT RESOLVED that the following signatories or alternates are
authorized to be signatories on checks drawn on funds deposited:
1. General Checking:
Mayor or Mayor Pro Tem and Treasurer or Accounting Supervisor;
Each check requires two (2) signatures.
Use of facsimile signatures by the following named persons:
Roslyn Harmon Mayor
Jennifer Hoffman Accounting
2. Internal Deposit Funds:
(Motor Vehicle Registration Fund Checking, DNR Transaction account)
Transfers may be made by the City Treasurer and Accounting Supervisor to
the State of Minnesota, DNR and City of Golden Valley General Checking;
Deputy Registrar may make transfers between accounts (Motor Vehicle
Registration Fund and DNR Account) and to the State of Minnesota for
deposits.
3. Imprest Fund Checking: (Park and Recreation, City Activity Account,
Brookview Golf Course and Brookview Golf Activity):
DocuSign Envelope ID: 8357EA57-CA14-46A6-B911-652575932B2D
Signatories shall be as designated by the City Manager who shall notify the
bank at the time of authorization or change and each check shall require one
(1) signature. Transfers from accounts are authorized by the Finance Director
or Accounting Supervisor.
4. ACH Transfers: (City of Golden Valley General Account):
Will be authorized for the Payroll Accountant, Accounting Supervisor or
Finance Director/Treasurer for payroll transfers created by the Payroll
System.
Will be authorized for the Deputy Registrar, Accountant, Accounting
Supervisor or Finance Directory/Treasurer for transfers to the State or
Department of Department of Natural Resources (DNR).
Will be authorized for the Accounting Supervisor and Finance
Director/Treasurer will be authorized to make transfers to the Investment
firms or electronic payments authorized.
BE IT FURTHER RESOLVED that the following shall be authorized to make
investments of city funds and shall be authorized to deposit the principal of said
investments in the above named depositories as necessary and beneficial to the City: City
Manager, Finance Director/Treasurer, Accounting Supervisor and Accountant.
The City Clerk is authorized and directed to furnish each of the depositories with certified
copies of this resolution along with such signature documentation as is required by the
depository and the authorizations set forth in all above.
Adopted by the City Council this 2nd day of January, 2024.
_____________________________
Roslyn Harmon, Mayor
ATTEST:
_____________________________
Theresa Schyma, City Clerk
DocuSign Envelope ID: 8357EA57-CA14-46A6-B911-652575932B2D