HomeMy WebLinkAbout1997-001 EDAR1
CommissionerKathleen Carmod,introduced the following resolution and moved its
adoption:
EDA RESOLUTION NO. 97 -01
RESOLUTION DESIGNATING DEPOSITORIES OF EDA FUNDS
WHEREAS, the Economic Development Authority Commission has authority over
EDA funds, including the safekeeping and disbursement of public moneys.
NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority
in and for the City of Brooklyn Center, Minnesota, that the list of authorized depositories
established in EDA Resolution 96 -02 is amended to include and.
1. that Marquette Bank Brookdale, Riverside Bank, and Old Kent Bank Trust
Company /Transglobal Systems Inc. are hereby designated as the depositories of funds
for the Economic Development Authority.
2. that the EDA assistant treasurer is authorized to deposit EDA funds to the
extent that repayment is guaranteed by the Federal Deposit Insurance Corporation and
such additional funds not to exceed the amount of 90% of collateral pledged by the
depository to the EDA.
3. that the EDA assistant treasurer is authorized to deposit surplus EDA funds into
the City's pooled investment account and invest them according to the policy and
restrictions pertaining to that account.
4. that the EDA treasurer and assistant treasurer are authorized by the EDA
Commission to act for the EDA in any of its business with the depositories.
January 13, 1997
The motion for the adoption of the foregoing resolution was duly seconded by commissioner
Robert Peppe and upon vote being taken thereon, the following voted in favor
thereof:
Myrna Kragness, Kathleen Carmody, Debra Hilstrom, Kay Lasman, and Robert Peppe;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.
resolution \edaresol \deposit
Date A President