RESO 26-005 - Designating Depositories for City Funds
RESOLUTION NO. 26-005
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 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
Ehlers Investment Partners – Pershing LLC the Bank of New York Mellon
US Bank
Wells Fargo
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Golden
Valley, Minnesota, 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 Finance Director or Assistant Finance
Director; Each check requires two (2) signatures.
Use of facsimile signatures by the following named persons:
Roslyn Harmon Mayor
Lyle Hodges Finance Director
2. Internal Deposit Funds:
(Motor Vehicle Registration Fund Checking, DNR Transaction account)
Transfers may be made by the City Finance Director and Assistant Finance
Director 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: 1AAA82D6-B2D9-4968-80F0-398038DEF80E
Resolution No. 26-005 -2- January 6, 2026
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/Treasurer or Assistant Finance Director.
4. ACH Transfers: (City of Golden Valley General Account):
Will be authorized for the Payroll Accountant, Assistant Finance
Director or Finance Director/Treasurer for payroll transfers created by
the Payroll System.
Will be authorized for the Deputy Registrar, Accountant, Assistant
Finance Director or Finance Director/Treasurer for transfers to the
State or Department of Department of Natural Resources (DNR).
Will be authorized for the Assistant Finance Director 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, Assistant Finance Director and Accountant.
BE IT FURTHER RESOLVED, that 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 of Golden Valley, Minnesota this 6th day of January 2026.
Roslyn Harmon, Mayor
ATTEST:
Theresa Schyma, City Clerk
Docusign Envelope ID: 1AAA82D6-B2D9-4968-80F0-398038DEF80E