HomeMy WebLinkAbout2013-002 CCR Member Dan Ryan introduced the following resolution and moved its
adoption:
RESOLUTION NO. 2013-02
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
Minnesota Municipal Money Market Fund (4M Fund)
Minnesota Municipal Money Market Plus Fund(4M Plus Fund)
RBC Capital Markets LLC
Sterne, Agee & Leach, Inc
Northland Securities
UBS Financial Services
Wells Fargo Advisors, LLC
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
collateral proposed by the institution and approved by the City of not less than
110% of the value of the uninsured deposits.
RESOLUTION NO. 2013-02
3. That Signapay of MN, LLC 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 14, 2013
Date Mayor
ATTEST: .
City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by member
Lin Myszkowski
and upon vote being taken thereon,the following voted in favor thereof:
Tim Willson, Carol Kleven, Kris Lawrence-Anderson, Lin Myszkowski, and Dan Ryan;
and the following voted against the same: none;
whereupon said resolution was declared duly passed and adopted.