HomeMy WebLinkAbout20110103 - VI-04
CITY OF HASTINGS
DAKOTA COUNTY MINNESOTA
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 2011 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, Wells Fargo Advisors
(formally 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 3rd DAY OF
JANUARY, 2011.
Ayes:
Nays:
Absent:
Paul Hicks, Mayor
ATTEST:
Melanie Mesko Lee, Assistant Administrator/City Clerk