HomeMy WebLinkAbout20090105 - VI-04CITY OF HASTINGS
RESOLUTION #
RESOLUTION DESIGNATING THE OFFICIAL BANKING
DEPOSITORIES AND APPOINTING FINANCE DIRECTOR
AS DESIGNATED AUTHORITY FOR APPROVAL
WHEREAS: State of Minnesota Statutes Section 1 ~ 8 sets Earth the procedures far the
deposit of Public Funds and it is policy of the Hastings City Council to authorize the Finance
Director, to annually designate a bank as the official depository for the City funds and manage the
collateral pledged to such funds; and
WHEREAS, v1lells Fargo Bank of Hastings is now the official depositary, and the vUells
Fargo Bank of Mankato for the City's Health Insurance contract; and
WHEREAS, State of Minnesota ~ta~~tes Section ~ ~ 8 sets forth the requirements for the
Designation of Depositories, and tl~e insuring andlor secgring of deposits; and
WHEREAS, it has also been fhe policy of the Hastings City Caupcil to delegate the
authority to the Finance Director to designate the afificial depositaries far barking needs and far
investment purposes; and
I~4W, THERE~~RE ~E tT RES~7L~ED, that the .Hastings City .council delegate the
authority to the Finance Director to designate the necessary in~~st~nt depositaries for 2gQ9 and
BE 1T FURTHER PESC~L~IED, that the Finance Director of the City of Hastings
designates the following banking institutions as per the City's investment policy until further
notice: US Bank, dells Fargo Investment Services, Dain Rauscher, t~lachovia Securities;
Minnesota 4M Fund; Smith Barney, UBS Financial Services and additional institutions as the
Finance Director deems appropriate.
BE IT FURTHER. RES~~.11ED that the Finance Director ar the. Director'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 by the City in conjunction with City Funds on deposit with authorized
instructions.
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ADOPTED BY THE G(TY CGUNC(L OF THE D(TY OF HASTINGS, THIS 5th DAY GF
JANUARY, 2fl~9.
Ayes:
days:
Absent:
Pauf Hicks, Mayan
ATTEST:
Melanie Meska Lee, Assistant AdministratariCity Clerk