HomeMy WebLinkAbout2019-002 CCRMember
moved its adoption:
RESOLUTION NO.
introduced the following resolution and
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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
Wells Fargo Bank, N.A.
Minnesota Municipal Money Market Fund ( 4M Fund)
Minnesota Municipal Money Market Plus Fund (4M Plus Fund)
Minnesota Municipal Money Market Time Series Pools (4M Time Series)
Oppenheimer & Co., Inc
UBS Financial Services
Wells Fargo Securities, LLC
Moreton Capital Markets, 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.
Ryan
2019-002
2019-002
Graves
Butler, Elliott, Graves, Ryan
None