HomeMy WebLinkAbout20080107 - VI-05
CITY OF HASTINGS
RESOLUTION #
VI-5
INVESTMENT RESOLUTION
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
BE IT RESOLVED, that the Finance Director ("officer") is authorized, on behalf of an in the
name of the City, (a) to direct, orally or in writing or electronically or through any other medium agreed to
by said officer and the Corporate Treasury Division of U.S. Bank NA ( "Treasury"), the opening of an
investment account and the investment of municipal, funds in securities and/or time deposits with and/or
through Treasury through such account; (b) to execute, on behalf of the City, contracts or agreements in
connection with such investment account in the usual form provided by Treasury for such accounts
generally; (c) to endorse and deliver for deposit, negotiation transfer, pledge, or sale, and to identify or
guarantee signatures or endorsements on, notes, certificates of deposit, checks, and securities of all
kinds, either belonging to or coming into the possession of the City; and (f) to authorize, orally or in writing
or through any other medium agreed to by said officers and Treasury, the debiting and or crediting by
Treasury of this City's deposit account(s) at any financial institution for the purpose of effecting such
transaction.
FURTHER RESOLVED, that the City Clerk of the City is authorized and directed to certify to
Treasury the foregoing resolutions and that the provisions thereof are in conformity with the Articles and
Bylaws of this City and to certify to Treasury the names of the persons now holding the offices referred to
above tend any changes hereafter in the persons holding said offices together with specimens of the
signature of such present and future officer.
FURTHER RESOLVED, that the authority granted to the officer of this City shall continue in full
force and effect, and Treasury may rely thereon in dealing with such officers, unless and until written
notice of any change in or revocation of such authority shall be delivered to Treasury by an officer of this
City, and any action taken by said officers and relied on by Treasury pursuant to the authority granted
herein to its receipt of such written notice shall be fully and conclusively binding on this City.
FURTHER RESOLVED, that the actions of any officer of the City heretofore taken in opening an
investment account with Treasury and in the investment of City of Hastings funds through such account,
be, and the same hereby are in all respects, ratified, confirmed, and approved.
FURTHER RESOLVED, that all prior resolutions of the City authorizing the opening of an
investment account with the Treasury and the investment of City funds through such account, be, and the
same hereby are, rescinded and superseded as to all such transactions with respect thereto effected after
the date of adoption of these resolutions.
ADOPTED BY THE CITY COUNCIL OF THE CITY OF HASTINGS, THIS 7th DAY OF
JANUARY, 2008.
Ayes:
Nays:
Absent:
ArrEST:
Melanie Mesko lee, City Clerk
Paul J. Hicks, Mayor
(SEAL)
CERTFICATE
I hereby certify that I am the duly appointed, qualified and acting City Clerk and the custodian of the
records of the City of Hastings, a municipality organized and existing in good standing under the laws of
the State of Minnesota.
I further certify that set forth below is the true title, name and genuine signatures of the duly appointed,
qualified and acting officer of the City presently holding such offices who is authorized under the
foregoing resolutions:
TITLE * SIGNATURE
FINANCE DIRECTOR
IN WITNESS WHEREOF, I have affixed by name in my official capacity as City Clerk of the City of
Hastings on this 3rd day of January, 2007.
Melanie Mesko Lee, Assistant Administrator/City Clerk