11-19 - 05-03 - redesignate depositories for city funds Resolution 11-19 May 3, 2011
Member Scanlon introduced the following resolution and moved its adoption:
RESOLUTION REDESIGNATING DEPOSITORIES FOR CITY FU� DS
WHEREAS, Minnesota Statutes set procedures and require the City ouncil to
designate depositories for City funds;
WHEREAS, these statutes allow the City Council to authorize the Acc unting
Coordinator or Treasurer/Finance Director to annually designate a bank as t e official
depository for the City funds and manage the collateral pledged to such fund ; and
WHEREAS, Wells Fargo Bank, Minnesota, N.A., is now the official de ository; and
WHEREAS, Wells Fargo Bank Minnesota, N.A., wires transfer funds t� below
institutions for investments purchased by the City: I
BNC National Bank
Central Bank
Piper Jaffray Companies
RBC-Dain Rauscher
Sterne Agee & Leach
US Bank
Wells Fargo '
4M Fund I,
Alerus Flnancial I
BE IT FURTHER RESOLVED that the following signatories or alternales 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 Coordi ator
Each check shall require two (2) signatures.
2. Internal Deposit Funds:
(Brookview Golf Course Checking, Motor Vehicle Registration �und
Checking) �
Signatories shall be as designated by the City Manager who s I all notify the
bank at the time of authorization or change of authorization an each check
shall require finro (2) signatures.
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Resolution 11-19 - Continued May 3, 2011
3. Imprest Fund Checking: (Park and Recreation, City Activity A count, Motor
Vehicle DNR transactions and Brookview Golf Activity): I
Signatories shall be as designated by the City Manager who sh II notify the
bank at the time of authorization or change or authorization and�each check
shall require one (1) signature.
4. Wire Transfers: (Motor Vehicle Licensing): �
Will be authorized for the Motor Vehicle Supervisor, Accounting�Coordinator
or Finance Director to such accounts at the State of Minnesota or
transactions fees.
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 s id
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 ocumentation
as is required by the depository and the authorizations set forth under 2 and � above.
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Linda R. Loomis, May r
ATTEST: I�
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Susan M. Virnig, City Clerk I
The motion for the adoption of the foregoing resolution was seconded by Mei!nber Pentel
and upon a vote being taken thereon, the following voted in favor thereof: Fr�iberg,
Loomis, Pentel, Scanlon and Shaffer; and the following voted against the sarj�e: none,
whereupon said resolution was declared duly passed and adopted, signed b the Mayor
and her signature attested by the City Clerk. �
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