ITEM 3.5 Designating DepositoriesF
Otsezo
MINNESOTA
DEPARTMENT INFORMATION
Request for
City Council Action
ORIGINATING DEPARTMENT:
REQUESTOR:
MEETING DATE:
Administration
Adam Flaherty, Finance Director
January 11, 2016
PRESENTER(s):
REVIEWED BY:
ITEM #:
Consent Agenda
City Administrator Johnson
3.5
AGENDA ITEM DETAILS
RECOMMENDATION:
It is recommended by staff 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
BA C KG RO U N DM U ST I F I CATION :
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 & Money Market Accounts
2) Klein Bank — 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 — Lynn Cornwell
2) Oppenheimer & Co., Inc. —Chris Sullivan
3) Northland Securities —Tim Fahey
It should be noted, that in accordance with the City's investment policy, any investment security that is
purchased through any of the three brokers listed above, will be held in one centralized safekeeping
account with Wells Fargo Bank.
SUPPORTING DOCUMENTS: 39 ATTACHED NONE
0 Resolution 2016-02: Designating Depositories and Approving Investment Brokers
POSSIBLE MOTION
Please word motion as you would like it to appear in the minutes.
-Motion to approve Resolution 2016-02, Designating depositories and approving investment brokers.
RynGFT INFORMATION
FUNDING: BUDGETED:
N/A N/A
►TO-W6— iTi�T\:4d1,1l
❑ APPROVED AS REQUESTED ❑ DENIED ❑ TABLED ❑ OTHER (List changes)
COMMENTS:
CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF NIINNESOTA
RESOLUTION NO: 2016-02
RESOLUTION 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:
1. That the following financial institutions are designated as depositories of City funds:
a. The Bank of Elk River
b. Klein Bank
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. Northland Securities
ADOPTED by the Otsego City Council this 1 lth day of January, 2016.
MOTION made by Council Member and SECONDED by Council Member
IN FAVOR:
OPPOSED:
ATTEST:
CITY OF OTSEGO
Jessica Stockamp, Mayor
Tami Loff, City Clerk