HomeMy WebLinkAbout2003-001 CCRMember Kay Lasman introduced the following resolution and moved its
adoption:
RESOLUTION NO. 2003-01
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 THEREFOR BE IT RESOLVED by the City Council of the City of
Brooklyn Center, Minnesota as follows:
i . That Wells Fargo Bank Brookdale Office is hereby designated as the depository
for fiends of the City of Brooklyn Center
2. That the following named banks and brokers are hereby designated additional
depositories to be used for investment purposes:
Federal Reserve Bank of Minneapolis
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 PNC Merchant Services is hereby designated as the clearinghouse depository
for credit card sales at Brooklyn Center Liquor Store.
RESOLUTION NO. 2003-01
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.
January 13, 2003
Date
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City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by member
Kathleen Carmcdy
and upon vote being taken thereon, the following voted in favor thereof:
Myrna Kragness, Kathleen Carmody, Kay lasman, Diane Niesen, and Bob Peppe;
and the following voted against the same: none;
whereupon said resolution was declared duly passed and adopted.