ITEM 3.4 Depositoriesh;# Request for
otsego City Council Action
MINNESOTA
DEPARTMENT INFORMATION
ORIGINATING DEPARTMENT: RE.QUESTOR: MEETING DATE:
Administration Dan Jordet, ASD 13 January 2014
PRESENTER(s): REVIEWED BY: ITEM #:
Consent Agenda Lori Johnson, CA 3.4 Depositories for City Funds
AGENDA ITEM DETAILS
RECOMMENDATION:
It is recommended that the City Council approve the list of official depositories and investment brokers
for use during the 2014 fiscal year.
ARE YOU SEEKING APPROVAL OF A CONTRACT? IS A PUBLIC HEARING REQUIRED?
No I No
BACKGROUND/JUSTIFICATION:
Each January, the City Council is asked to approve a number of different institutions to serve as
depositories for public dollars and other firms to act as investment brokers for the purpose of investing
idle public funds.
The banks named are The Bank of Elk River, the City's primary banking relationship, and KleinBank,
providing wire services and high liquidity money market service.
Investment brokers include the 4M Fund of the League of Minnesota Cities, Multi -Bank Securities of
Southfield, MI, ICD Securities of Scottsdale, AZ, Northland Securities of Minneapolis and RBC Capital
Markets of Minneapolis. Additions to these brokers may be presented for consideration during 2014.
Anv new firms considered will have a Minnesota base of operations.
SUPPORTING DOCUMENTS: X ATTACHED ❑ NONE
Resolution 201403
POSSIBLE MOTION
_ _ - _ .... __i _ _ .: _ .._ _ ,..,..-_ _ __ , .:... ... .:... .............. ........... - ... ... ................
Please word motion as you would like it to appear in the minutes.
Move adoption of Resolution 201403 (attached)
BUDGET INFORMATION
FUNDING: BUDGETED: ❑ YES
Does not require funding
ilo
X Not Applicable
ACTION TAKEN
❑ APPROVED AS REQUESTED ❑ DENIES] ❑ TABLED ❑ OTHER (List changes)
COMMENTS:
Resolution No. 2014- 03
City of Otsego
Country of Wright
State of Minnesota
A Resolution Establishing Depositories for City Funds.
WHEREAS, the City of Otsego each year must designate official depositories for City
Funds and approve the investment brokers in accordance with the City's investment policy,
Now, therefore, be it resolved by the City Council of Otsego, Minnesota.
1. That the following are designated as official depositories for City Funds:
The Bank of Elk River, Elk River, MN.
Klein Bank, Otsego, MN
2. That the following are approved as investment brokers for the purpose of
investment of City Funds:
Minnesota Municipal Money Market (4M) Fund, St. Paul, MN
Multi -Bank Securities, Inc., Southfield, MI
Northland Securities, Minneapolis, MN
Institutional CD's Inc., Scottsdale, AZ
RBC Capital Markets, LLC, Minneapolis, MN
3. That collateral is required for all deposits that exceed the amounts insured by the
Federal Deposit Insurance Corporation and investment of City funds shall be in
accordance with investment securities allowable under the State of Minnesota
guidelines for municipalities and the City's investment policy.
4. That the City's Administrative Services Director may recommend, for City Council
approval, additional depositories or investment brokers for the purpose of investing
City funds during the year.
Dated this 13 thday of January, 2014.
City of Otsego
Jessica Stockamp, Mayor
Attest: Tami Loff, City Clerk