HomeMy WebLinkAbout2010-002 CCR Member Kay Lasman introduced the following resolution and moved its
adoption:
RESOLUTION NO. 2010 -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 7.01 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.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center, Minnesota, as follows:
1. That U S Bank, N.A. is hereby designated as the depository for funds of the City
of Brooklyn Center.
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
Wells Fargo Bank
TCF Bank
Minnesota Municipal Money Market Fund (4M Fund)
Minnesota Municipal Money Market Plus Fund (4M Plus Fund)
RBC Dain Rauscher
Smith Barney
Morgan Stanley
UBS Financial Services
Northland Securities
Multi Bank Securities, 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 security 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
RESOLUTION NO. 2010 -02
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 is hereby designated as the clearinghouse
depository for credit card sales.
4. That Wells Fargo 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.
January 11, 2010
Date Mayor
ATTEST: �L"
City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by member
Dan Ryan
and upon vote being taken thereon, the following voted in favor thereof
Tim Willson, Kay Lasman, Tim Roche, Dan Ryan, and Mark Yelich;
and the following voted against the same: none;
whereupon said resolution was declared duly passed and adopted.