HomeMy WebLinkAbout2008-002 CCRMember Ray Lasman introduced the following resolution and moved
its adoption:
RESOLUTION NO. 2008-02
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;
and
NOW, THEREFORE, 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
funds of the City of Brooklyn Center.
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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
U.S. Bank, N.A.
TCF Bank
Minnesota Municipal Money Market Fund (4M Fund)
Minnesota Municipal Money Market Plus Fund (4M Plus Fund)
RBC Dain Rauscher
Smith, Barney Inc.
Morgan Keegan and Company
Morgan Stanley
UBS Financial Services
Wachovia Securities, LLC
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
RESOLUTION NO. 2008-02
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.
3. that Wells Fargo Merchant Services is hereby designated as the clearinghouse
depository for credit card sales.
4. that US Bank 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 14, 2008
Date
ATTEST:/ U1 Y l_
City Clerk
Mayor
The motion for the adoption of the foregoing resolution was duly seconded by member
Mark Yelich
and upon vote being taken thereon, the following voted in favor thereof:
Tim Willson, Kay Lasman, Mary O'Connor, Safi Ryan, and Mark Yelich
and the following voted against the same: none;
whereupon said resolution was declared duly passed and adopted.
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