HomeMy WebLinkAbout21-001CITY OF LAKEVILLE
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RESOLUTION APPOINTING DEPOSITORIES FOR THE CITY OF LAKEVILLE
WHEREAS, Minnesota Statute § 118A.02, subd. 1 states that the City Council shall designate, as
a depository of its funds, one or more financial institutions, and that the City Council may
authorize the city treasurer to make investments of funds under sections 118A.01 to 118A.06 or
other applicable law; and
WHEREAS, all deposits of public funds will be insured or secured in accordance with Minnesota
Statute § 118A.03; and
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. The Treasurer (or designee) is hereby authorized to invest City funds under sections
I I8A.01 to 118A.06 or other applicable law with depositories named below.
3. U.S. Bank N.A. will be the primary depository of the City.
4. Well Fargo Bank N.A. will be the primary depository for the Downtown Special Services
District and ALF Ambulance.
5. The following institutions are hereby named additional depositories subject to legal
compliance with maximum deposit and collateral requirements:
Affinity Plus Federal Credit Union - 17555 Kenwood Trail
Bank of America - 17599 Kenwood Trail
BMO Harris - 17636 Kenwood Trail
Citizens Bank - 18476 Kenrick Avenue
Firefly Credit Union - 17533 Cedar Avenue
Frandsen Bank & Trust- 20280 Iberia Avenue
Great Southern Bank - 10880 1751 Street W
Lakeview Bank - 9725 163`d Street W
Minnesota Municipal Money Market Fund (4M Fund)
Morgan Stanley
New Market Bank - 20151 Icenic Trail
Old National Bank - 9202 202nd Street W
PMA Financial Network, Inc.
RBC Capital Markets
Sterling State Bank - 16366 Kenrick Avenue
Stifel Nicolaus & Co, Inc.
TCF National Bank - 17269 Kenyon Avenue
UBS Financial Services, Inc.
U.S. Bancorp
Wells Fargo Bank N.A. - 8790 207`1' Street W
Wells Fargo Securities
Wings Financial Credit Union - 16042 Pilot Knob Road
ADOPTED by the Lakeville City Council this 4th day of January 2021
Douglas P. Anderson, Mayor
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Charlene Friedges, City Cler�j