ITEM 4.5 Designate depositoriesTy
OtsefF o
MINNESOTA
DEPARTMENT INFORMATION
Request for
City Council Action
ORIGINATING DEPARTMENT' "REQUESTOR:
MEETING DATE:
Administration City Administrator/Finance Director Flaherty
January 14, 2019
PRESENTER(s) REVIEWED BY:
ITEM #:
Consent
4.5
STRATEGIC VISION
MEETS: '
'THE CITY OF OTSEGO:
X
Is a strong organization that is committed to leading the community through innovative
communication.
ARE YOU SEEKING APPROVAL OF A CONTRACT?
Has proactively expanded infrastructure to responsibly provide core services.
No
Is committed to delivery of quality emergency service responsive to community needs and
expectations in a cost-effective manner.
BACKGROUND/JUSTIFICATION:
Is a social community with diverse housing, service options, and employment opportunities.
In accordance with Minnesota State Statute §118A.02, the City Council shall designate, as a depository of
Is a distinctive, connected community known for its beauty and natural surroundings.
AGENDA ITEM DETAILS
RECOMMENDATION:
City staff is recommending that the City Council approve the corresponding resolution which will designate
the depositories for City funds and approve the investment brokers for the purpose of investing public
monies.
ARE YOU SEEKING APPROVAL OF A CONTRACT?
IS A PUBLIC HEARING REQUIRED?
No
No
BACKGROUND/JUSTIFICATION:
This is an annual approval for the City Council to consider.
In accordance with Minnesota State Statute §118A.02, the City Council shall designate, as a depository of
City funds, one or more financial institutions. The listed depositories and the accounts at each are:
1) Bank of Elk River— Checking Account
2) Minnesota Municipal Money Market Fund (4M Fund) — Money Market Account
3) Wells Fargo —Safekeeping Account for City's Investment Portfolio
In accordance with the City's Investment Policy, the City Council shall approve the investment brokers to be
used for the purpose of investing public monies. The firms and individual brokers are:
1) Wells Fargo Securities, LLC— Reid Christianson
2) Oppenheimer & Co., Inc. —Chris Sullivan
3) Moreton Capital Markets— Lynn Cornwell
4) PMA Financial Network, Inc. —Corey Boyer
It should be noted, that in accordance with the City's investment policy, any investment security that is
purchased through any of the brokers listed above, will be held in one centralized safekeeping account
with Wells Fargo Bank.
SUPPORTING DOCUMENTS ATTACHED:
• Resolution 2019-02
POSSIBLE MOTION
PLEASE WORD MOTION AS YOU WOULD LIKE ITTO APPEAR IN THE MINUTES:
Motion to approve Resolution 2019-02; designating depositories and approving investment brokers.
BUDGET INFORMATION
FUNDING: BUDGETED:
N/A
CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO: 2019-02
DESIGNATING DEPOSITORIES
AND APPROVING INVESTMENT BROKERS
WHEREAS, the Otsego City Council must on an annual basis designate one or more financial institutions as
a depository of City funds in accordance with Minnesota Statute § 118A.02, Subdivision 1; and
WHEREAS, the Otsego City Council must on an annual basis authorize the investment brokers for the
purpose of investing public monies in accordance with the City's investment policy.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OTSEGO,
MINNESOTA:
That the following financial institutions are designated as depositories of City funds:
a. The Bank of Elk River
b. Minnesota Municipal Money Market Fund (4M Fund)
c. Wells Fargo
2. That the following investment brokers are approved for the purpose of investing public monies:
a. Wells Fargo Securities, LLC
b. Oppenheimer & Co., Inc.
c. Moreton Capital Markets
d. PMA Financial Network, Inc.
ADOPTED by the Otsego City Council this 14th day of January, 2019.
ATTEST:
CITY OF OTSEGO
Jessica Stockamp, Mayor
Tami Loff, City Clerk
MOTION made by Council Member and SECONDED by Council Member
IN FAVOR:
OPPOSED: