87-001 - 01-06 Designate Depositories for City FundsResolution 87-1
January 6, 1987
Member Thompson introduced the following resolution and moved its adoption:
RESOLUTION DESIGNATING DEPOSITORIES FOR CITY FUNDS
BE IT RESOLVED by the City Council of the City of Golden Valley that the
following are named as depositories for City Funds subject to the furnishing of
collateral for funds on deposit as provided in the Laws of the State of Minnesota:
Golden Valley State Bank
Norwest Bank - Calhoun Isles
Marquette Bank Minneapolis
First Bank Plymouth
Shelard National Bank
Trust for Short -Term U. S. Securities
Dain Bosworth
Offerman and Company Inc.
Franklin U. S. Government Securities Fund
Juran & Moody Inc.
BE IT FURTHER RESOLVED that the following signatories or alternates are
authorized to be signatories on checks drawn on funds deposited:
1. General Checking and Payroll Checking:
Mayor or Mayor Pro Tem
and
Treasurer or Accountant
Each check shall require two (2) signatures.
2. Internal Deposit Funds:
Signatories shall be as designated by the City Manager who shall notify
the bank at the time of authorization or change of authorization and
each check shall require two (2) signatures.
3. Imprest Fund Checking (Park and Recreation):
Signatories shall be as designated by the City Manager who shall notify
the bank at the time of authorization or change of authorization and
each check shall require one (1) signature.
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, City Treasurer or Accountant.
The City Manager and City Clerk are 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 under 2 and 3 above.
Resolution 87-1 - Continued
ATTEST:
J d Nallo, Deputy Uty Clerk
N,
January 6, 1987
(0.( l Z�
Ray BL/Stockman, Mayor Pro Tem
The motion for the adoption of the foregoing resolution was seconded by Member
Johnson and upon a vote being taken thereon, the following voted in favor
thereof: Bakken, Johnson, Stockman and Thompson; and the following was
absent: Anderson; and the following voted against the same: none, whereupon
said resolution was declared duly passed and adopted, signed by the Mayor Pro
Tem and his signature attested by the Deputy City Clerk.