10-01 - 01-05 - designating depository for city funds
Resolution 10-1
January 5, 2010
Member Pentel introduced the following resolution and moved its adoption:
RESOLUTION DESIGNATING DEPOSITORY FOR CITY FUNDS
WHEREAS, Minnesota Statutes set procedures and require the City Council to
designate depositories for City funds;
WHEREAS, these statutes allow the City Council to authorize the Accounting
Coordinator or Treasurer/Finance Director 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:
BNC National Bank
Central Bank
Piper Jaffray Companies
RBC-Dain Rauscher
Sterne Agee & Leach
US Bank
Wells Fargo
4M Fund
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 Accounting Coordinator
Each check shall require two (2) signatures.
2. Internal Deposit Funds:
(Brookview Golf Course Checking, Motor Vehicle Registration Fund
Checking)
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, City Activity Account, Motor
Vehicle DNR transactions and Brookview Golf Activity):
Signatories shall be as designated by the City Manager who shall notify the
bank at the time of authorization or change or authorization and each check
shall require one (1) signature.
Resolution 10-1 - Continued
January 5, 2010
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 and Accounting Coordinator.
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.
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Linda R. Loomis, Mayor
ATTEST:
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Susan M. Virnig, City Cle~
The motion for the adoption of the foregoing resolution was seconded by Member Shaffer
and upon a vote being taken thereon, the following voted in favor thereof: Freiberg,
Loomis, Pentel, Scanlon and Shaffer; and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted, signed by the Mayor
and her signature attested by the City Clerk.