HomeMy WebLinkAbout2020-002 CCRMember Graves
moved its adoption:
introduced the following resolution and
RESOLUTION NO.2020-02
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
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.
RESOLUTION NO. 2020-02
3. That the following named clearinghouses for credit card transactions are hereby
designated for accepting payments:
Wells Fargo Merchant Services
Elavon Incorporated
Sage Payment Solutions
Chase Paymentech
4. 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.
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 13, 2020
Date
ATTEST: Gil ` �� '
City Clerk
7-V Mayor
The motion for the adoption of the foregoing resolution was duly seconded by member
Butler
and upon vote being taken thereon, the following voted in favor thereof:
Butler, Elliott, Graves, Lawrence -Anderson, Ryan
and the following voted against the same: None.
whereupon said resolution was declared duly passed and adopted.