HomeMy WebLinkAboutItem 06.f
Date: Item No.
RESOLUTION APPOINTING DEPOSITORIES
FOR THE CITY OF LAKEVILLE
Proposed Action
Staff recommends adoption of the following motion: Move to approve a resolution appointing
depositories for the City of Lakeville.
Overview
Minnesota Statute §118A.02 requires the governing body of each government entity to designate
one or more financial institutions as a depository for its public funds. The governing body is
responsible for deciding where public funds will be deposited. Most government entities
designate a depository on either an annual or biennial basis.
All checking and savings accounts are at Wells Fargo Bank of Lakeville. Wells Fargo Bank
monitors collateral on a daily basis to ensure the City’s deposits are compliant with state statute
requirements. All Lakeville banks are included as additional depositories.
Investments are made in accordance with Minnesota state statutes and City of Lakeville
investment policy. Short-term cash flow needs are held in the 4M money market fund.
Primary Issues to Consider
• Are all cash and investments transactions handled in accordance with Minnesota Statutes
and sound investment policies? The Auditors confirm that the investments and cash
management practices are appropriately handled in accordance with the approved
policies and generally accepted accounting procedures.
Supporting Information
• None
Financial Impact: $ Budgeted: Y☐ N☐ Source:
Related Documents: (CIP, ERP, etc.):
Envision Lakeville Community Values: Good Value for Public Services
Report Completed by: Jerilyn Erickson, Finance Director
April 4, 2016
N/A
Investment Policy
CITY OF LAKEVILLE
RESOLUTION NO. ____
RESOLUTION APPOINTING DEPOSITORIES FOR THE CITY OF LAKEVILLE
WHEREAS, Minnesota Statute §118A.02, subd. 1 requires the City Council to designate each
depository of public funds or authorize the city treasurer to designate depositories of the funds;
and
WHEREAS, all deposits of public funds will be insured or secured in accordance with Minnesota
Statute §118A.03.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lakeville,
Minnesota as follows:
1. The Mayor and Treasurer are hereby authorized to execute any required documents with
depositories named below, including signature cards and agreements.
2. Well Fargo Bank N.A. will be the primary depository of the City.
3. The following institutions are hereby named additional depositories subject to legal
compliance with maximum deposit and collateral requirements:
Affinity Plus Federal Credit Union
Anchor Bank
Bank of the West
BBVA Compass Bank
BMO Harris
Bremer Bank
Citizens Bank
Commerce Bank
Guaranty Bank
Klein Bank
Lakeview Bank
M & I Bank
Merchants Bank
Minnesota Municipal Money Market Fund (4M Fund)
Morgan Stanley
New Market Bank
Norwest Bank
Provincial Bank
RBC Capital Markets
Sterling State Bank
Stifel, Nicolaus & Company
Twin City Federal
US Bancorp Piper Jaffray
US Bank
Wells Fargo Bank, N.A.
Wells Fargo Securities
ADOPTED by the Lakeville City Council this 4th day of April, 2016
______________________________
Matt Little, Mayor
_________________________________
Charlene Friedges, City Clerk