HomeMy WebLinkAbout2005-002 CCRMember ~ay Lasman introduced the following resolution and moved its
adoption:
RESOLUTION NO.
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 7.01 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;
and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center, Minnesota, as follows:
1. That Wells Fargo Bank Brookdale Office is hereby designated as the depository for
funds of the City of Brooklyn Center.
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2. That the following named banks 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.
U.S. Bank Corporate Trust of St. Paul
Wells Fargo Bank of Minneapolis
Minnesota Municipal Money Market Fund (4M Fund)
Dain-Bosworth
Salomon, Smith, Barney and Company
Morgan-Keegan and Company
Twin City Federal Savings and Loan Association
The City Treasurer is hereby authorized to deposit funds in accounts guaranteed by
the Federal Deposit Insurance Corporation (FDIC), the Federal Savings and Loan
Insurance Corporation (FSLIC) or the Securities Insurance Protection Corporation
(SIPC). Funds deposited with designated depositories in excess of the insured
amounts provided by the insurance of individual institutions or companies shall not
exceed the ninety percent (90%) of the collateral pledged by the depository to the
City or other such insurance provided by the depository and approved by the City.
3. That Heartland Payment Systems is hereby designated as the clearinghouse
depository for credit card sales at Brooklyn Center Liquor Stores.
RESOLUTION NO. 2005-02
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 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 10. 2005
Date 0 Mayor
ATTEST: ~1 WI. YV
City Clerk
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.