HomeMy WebLinkAbout2006-002 CCRMember KaY Ia sman introduced the following resolution and moved
its adoption:
RESOLUTION NO. 2006-02
RESOLUTION DESIGNATING DEPOSITORITES 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
U.S. Bank, N.A.
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
TCF Bank
Legg Mason Wood Walker, Inc.
Chandler Asset Management
UBS Financial Services
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 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.
RESOLUTION NO. 2006-02
3. That Heartland Payment Systems is hereby designated as the clearinghouse for credit
card sales at the Brooklyn Center Liquor stores.
4. That U.S. Bank N.A. is hereby designated as the clearinghouse depository for credit
card sales at the Earle Brown Heritage Center.
5. That Chase Merchant Services, LLC is hereby designated as the clearinghouse
depository for credit card sales for the Recreation Department and the Centerbrook
Golf Course.
6. 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 9. 2005
Date
ATTEST: 111, ,
City Clerk
U M9yor
The motion for the adoption of the foregoing resolution was duly seconded by member
Kathleen Carmody
and upon vote being taken thereon, the following voted in favor thereof:
Myrna Kragness, Kathleen Carmody, Kay Lasman, Diane Niesen, and Mary O'Connor;
and the following voted against the same: none;
whereupon said resolution was declared duly passed and adopted.
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