HomeMy WebLinkAbout22-001CITY OF LAKEVILLE
RESOLUTION NO. 22-01
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
118A.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
BMO Harris - 17636 Kenwood Trail
Citizens Bank - 18476 Kenrick Avenue
Frandsen Bank & Trust- 20280 Iberia Avenue
Genisys Credit Union - 16106 Pilot Knob Road
Great Southern Bank - 10880 175th St. W
Huntington Bank - 17269 Kenyon Avenue
Lakeview Bank - 9725 163rd St. W
Merchants Bank - 18550 Joplin Avenue
Minnesota Municipal Money Market Fund (4M Fund)
Morgan Stanley
New Market Bank - 20151 Icenic Trail
PMA Financial Network, Inc.
RBC Capital Markets
Sterling State Bank - 16366 Kenrick Avenue
Stifel Nicolaus & Co, Inc.
UBS Financial Services, Inc.
U.S. Bancorp
Wells Fargo Bank N.A. - 8790 207`' St. W
Wells Fargo Securities
Wings Financial Credit Union - 16042 Pilot Knob Road
ADOPTED by the Lakeville City Council this 3rd day of January 2022
Douglas P. Anderson, Mayor
Charlene Friedges, City CIO,