ITEM 3.4 Establishing Depositories�F
ITY OF
0 t§ e Lyo
MINNESOTA V
DEPARTMENT INFORMATION
Request for
City Council Action
ORIGINATING DEPARTMENT: REQUESTOR: MEETING DATE:
Finance Finance Director Gary Groen January 14, 2013
PRESENTER(s): REVIEWED BY: ITEM #:
Consent Agenda City Administrator Lori Johnson 3.4- Resolution 2013-03
Establishing Depositories for City
Funds
AGENDA ITEM DETAILS
RECOMMENDATION:
City staff recommends the City Council designate the 2013 official depositories and approve the
investment brokers in accordance with the City's investment policy.
ARE YOU SEEKING APPROVAL OF A CONTRACT?
IS A PUBLIC HEARING REQUIRED?
IVO
NO
BACKGROUNDMUSTIFICATION:
The City Council must designate the City's official depositories and approve the City's investment
brokers in accordance with its investment policy each year. The attached listing of official depositories
and investment brokers in the resolution is the same as those currently used by the City.
in addition, the finance director may recommend, for City Council approval, additional depositories or
investment brokers during the year.
SUPPORTING DOCUMENTS: X ATTACHED ❑ NONE
• Resolution 2013-03
MOTION: (Please word motion as you would like It to appear In the minutes.)
Motion to approve Resolution 2013-03 approving the 2013 official depositories and investment brokers,
BUDGET INFORMATION
FUNDING:I BUDGETED: YES
N/A N/A NO
ACTION TAKEN
❑ APPROVED AS REQUESTED ❑ DENIED n TABLED ❑ OTHER (List changes)
Resolution No, 2013- 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,, Pleasant Ridge, 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 finance director may recommend, for City Council approval,
additional depositories or investment brokers for the purpose of investing City
funds during the year.
Dated this 10'day of January, 2013,
City of Otsego
Jessica Stockamp, Mayor
Attest: Tauri Loff, City Clerk
City Seal