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HomeMy WebLinkAbout2002-006 CCRMember Fd, Nelson introduced the following resolution and moved its adoption: RESOLUTION NO. 2002-06 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: That Wells Fargo Bank Brookdale 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 additional depositories to be used for investment purposes: Federal Reserve Bank of Minneapolis U.S. Bank, National Association 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. 2002-06 4. That U.S. Bank, National Association, 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 14. 2002 Date ATTEST: a 'WANL9`1 Mayor r City Clerk 1 The motion for the adoption of the foregoing resolution was duly seconded by member Kay lasman and upon vote being taken thereon, the following voted in favor thereof: Myrna Kragness, Kay I-asman, Ed Nelson, and Bob Peppe; and the following voted against the same: none whereupon said resolution was declared duly passed and adopted.