14-001 - 01-07 - designating depository for city funds Resolution 14-1 January 7, 2014
Member Clausen 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 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:
BNC National Bank
Central Bank
Piper Jaffray Companies
RBC-Dain Rauscher
Sterne Agee & Leach
US Bank
Venture 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:
Mayor or Mayor Pro Tem and Treasurer or Accounting Coordinator;
Each check requires two (2) signatures.
2. Internal Deposit Funds:
(Motor Vehicle Registration Fund Checking, DNR Transaction account)
Transfers may be made by the City Treasurer and Accounting Coordinator 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):
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 14-1 - Continued January 7, 2014
4. ACH Transfers: (City of Golden Valley General Account):
Will be authorized for the Accountant, Accounting Coordinator or Finance
Director/Treasurer for payroll transfers created by the Payroll System.
Will be authorized for the Utility Billing/Accounts Payable Technician,
Accounting Coordinator or Finance Director/Treasurer for such accounts set
up on ACH account payment types created by the Utility Billing System.
Will be authorized for the Accounting Coordinator 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 and Accounting Coordinator.
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.
Shepa d M. Harris, M y r
ATTEST:
: �/V V I r �`�l�i r vl. ,
.
Susan M. Virnig, City Clerk
The motion for the adoption of the foregoing resolution was seconded by Member
Schmidgall and upon a vote being taken thereon, the following voted in favor thereof:
Clausen, Fonnest, Harris, Schmidgall and Snope; and the following voted against the
same: none, whereupon said resolution was declared duly passed and adopted, signed by
the Mayor and his signature attested by the City Clerk.