HomeMy WebLinkAbout2007-002 CCRMember Kay Lasman introduced the following resolution and
moved its adoption:
RESOLUTION NO. 2007-02
RESOLUTION DESIGNATING DEPOSITORIES OF CITY FUNDS
WHEREAS, Section 7.01 of the City Charter provides the City Council with
authority over City funds that includes the safekeeping and disbursement of public monies; and
WHEREAS, Section 7.10 of the City Charter provides that City funds shall be
disbursed by check bearing the actual or facsimile signature of the City Manager and City
Treasurer.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center, Minnesota as follows:
1. That Wells Fargo Bank NA is hereby designated as the depository for
funds of the City of Brooklyn Center
2. That the following named bankers and brokers are hereby designated as
additional depositories to be used for investment purposes:
Federal Reserve Bank of Minneapolis
Bremer Bank
US Bank, N.A.
TCF Bank
Minnesota Municipal Money Market Fund (4M Fund)
Minnesota Municipal Money Market Plus Fund (4M Plus Fund)
RBC Dain Rauscher
Smith Barney Inc.
Morgan Keegan & Company, Inc.
Morgan Stanley
UBS Financial Services
Wachovia Securities, LLC
Legg Mason Wood Walker, Inc.
The City Treasurer is hereby authorized to deposit funds in accounts
guaranteed by the Federal Deposit Insurance Corporation (FDIC), the
Securities Insurance Protection Corporation (SIPC), successors of the
FDIC or SIPC or other governmental institutions insuring the safety and
liquidity of public monies. Funds deposited with designated depositories
in excess of the insurance limits available through FDIC, SIPC or its
RESOLUTION NO. 2007-02
successor institutions shall be covered by collateral in the form of
government securities held in the City's name or other collateral proposed
by the institution and approved by the City of not less than 110% of the
value of the uninsured deposits.
3. That Wells Fargo Merchant Services, LLC is hereby designated as the
clearinghouse for credit card sales.
4. That US Bank Trust is hereby designated as the safekeeping depository for
City investments.
5. That the City Council authorizes the City Manager, the City Treasurer, or
the Deputy City Treasurer to act for the City in all of its business activities
with these designated depositories.
Januarv 8, 2007
Date Mayor
ATTEST: " 7~
City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by member
Mark Yelich
and upon vote being taken thereon, the following voted in favor thereof:
Tim Willson, Kay Lasman, Mary O'Connor, Dan Ryan, and Mark Yelich;
and the following voted against the same: none;
whereupon said resolution was declared duly passed and adopted.