HomeMy WebLinkAboutVIII-07 Approve Annual Banking DepositoryCITY OF HASTINGS
DAKOTA COUNTY, MINNESOTA
RESOLUTION ___________
A RESOLUTION DESIGNATING THE OFFICIAL BANKING DEPOSITORIES AND
APPOINTING FINANCE MANAGER AS DESIGNATED AUTHORITY FOR
APPROVAL
WHEREAS, State of Minnesota Statutes § 118 sets forth the procedures for the deposit
of Public Funds and it is policy of the Hastings City Council to authorize the Finance Manager to
annually designate a bank as the official depository for the city funds and manager the collateral
pledged to such funds; and
WHEREAS, Merchants Bank of Hastings is now the official depository; and
WHEREAS, State of Minnesota Statues § 118 sets forth the requirements for the
Designation of Depositories, and the insuring and/or securing of deposits; and
WHEREAS, it has also been the policy of the Hastings City Council to delegate the
authority to the Finance Department to designate the official depositories for banking needs and
for investment purposes; and
NOW, THEREFORE BE IN RESOLVED, that the Hastings City Council does hereby
delegate the authority to the Finance Manager to designate the necessary investment depositories
for 2024; and
BE IT FURTHER RESOLVED, that the Finance Manager or the Finance Manager’s
designee of the City of Hastings is hereby designated as the approval authority for the acceptance
and release of all collateral to be held in conjunction with city funds on deposit with authorized
instructions.
ADOPTED BY THE CITY COUNCIL OF THE CITY OF HASTINGS, THIS 2nd
DAY OF JANUARY, 2024.
______________________________
Mary D. Fasbender, Mayor
ATTEST:
_____________________________________
Kelly Murtaugh, City Clerk
VIII-07