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HomeMy WebLinkAbout2021-006 CCRMember Elliott introduced the following resolution and moved its adoption: RESOLUTION NO. 2021-06 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: 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 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.2021-06 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 11, 2021 Date Mayor ATTEST: 0 City Clerk The motion for the adoption of the foregoing resolution was duly seconded by member Graves 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.