HomeMy WebLinkAbout20080107 - VI-04
CITY OF HASTINGS
RESOLUTION #
VI-4
RESOLUTION DESIGNATING THE OFFICIAL BANKING
DEPOSITORIES AND APPOINTING FINANCE DIRECTOR
AS DESIGNATED AUTHORITY FOR APPROVAL
WHEREAS, State of Minnesota Statutes Section 118 sets forth the procedures for 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, Wells Fargo Bank of Hastings is now the official depository, and the Wells Fargo
Bank of Mankato for the City's Health Insurance contract; and
WHEREAS, State of Minnesota Statutes Section 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 Director to designate the official depositories for banking needs and for investment purposes;
and
NOW, THEREFORE BE IT RESOLVED, that the Hastings City council delegate the authority to
the Finance Director to designate the necessary investment depositories for 2008 and
BE IT FURTHER RESOLVED, 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, Wells Fargo
Investment Services, Dain Rauscher, Wachovia Securities, Minnesota 4M Fund, Smith Barney, UBS
Financial Services and additional institutions as the Finance Director deems appropriate.
BE IT FURTHER RESOLVED that the Finance Director or 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.
ADOPTED BY THE CITY COUNCIL OF THE CITY OF HASTINGS, THIS 7th DAY OF
JANUARY, 2008.
Ayes:
Nays:
Absent:
ATTEST:
Melanie Mesko Lee, City Clerk
Paul J. Hicks, Mayor
(SEAL)