HomeMy WebLinkAbout2011-002 CCRMember Kay Lasman
moved its adoption:
RESOLUTION NO. 2011 -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 7.10 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 US Bank, NA is hereby designated as a depository for funds of the City of
Brooklyn Center for operational banking and investment purposes.
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
Wells Fargo Bank, N.A.
TCF Bank
RBC Damn Rauscher
Morgan Stanley
Sterne, Agee & Leach, Inc
Northland Securities
UBS Financial Services
Wells Fargo Advisors, LLC
introduced the following resolution and
Minnesota Municipal Money Market Fund (4M Fund)
Minnesota Municipal Money Market Plus Fund (4M Plus Fund)
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
RESOLUTION NO. 2011 -02
ATTEST:
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 for
credit card transactions for City Hall, BC Liquor stores, Centerbrook golf course
and the Earle Brown Heritage Center.
4. That Active Network is hereby designated as the clearinghouse depository for
credit card transactions for the Community Activities, Recreation & Services
Department.
5. Wells Fargo Institutional Trust Services is hereby designated as the safekeeping
depository for investment instruments in the City's investment portfolio and as
clearinghouse for the City's investment portfolio transactions.
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 10, 2011
Date
City Clerk
Mayor
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, Carol Kleven, Kay Lasman, Tim Roche, and Dan Ryan;
and the following voted against the same: none;
whereupon said resolution was declared duly passed and adopted.