HomeMy WebLinkAbout20100104 - VI-03
CITY OF HASTINGS
RESOLUTION #
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 2010 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, Anchor Bank,
Merchants Bank 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 4th DAY OF JANUARY, 2010.
Ayes:
Nays:
Absent:
_________________________
Paul Hicks, Mayor
ATTEST:
________________________
Melanie Mesko Lee, City Clerk (SEAL)