HomeMy WebLinkAbout24-001 Appointment of Depositories for the City of Lakeville CITY OF LAKEVILLE
RESOLUTION NO. 24-001
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 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 Trl
BMO Harris— 17636 Kenwood Trl
Citizens Bank— 18476 Kenrick Ave
Compeer Financial—21088 Keswick Loop
Frandsen Bank& Trust—20280 Iberia Ave
Genisys Credit Union— 16106 Pilot Knob Road
Great Southern Bank— 10880 175�' St W
Huntington Bank— 17269 Kenyon Ave
Lakeview Bank—9725 163rd St W
Merchants Bank— 18550 Joplin Ave
Minnesota Municipal Money Market Fund (4M Fund)
Morgan Stanley
New Market Bank—20151 Icenic Trl
PMA Financial Network, Inc.
RBC Capital Markets
Sterling State Bank— 16366 Kenrick Ave
Stifel Nicolaus & Co, Inc.
TruStone Financial Credit Union— 17533 Cedar Ave
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 Rd
ADOPTED by the Lakeville City Council this 2nd day of January 2024.
CITY OF LAKEVILLE:
- i
uk . Hellier, Mayor
Ann Orlofsky, City Clerk