HomeMy WebLinkAbout#03 Designating Official Depository of Funds
MAYOR & COUNCIL
COMMUNICATION
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DATE: January 3, 2017 CONSENT Resolution 2017-01 ITEM # 3 AGENDA ITEM: Designate Official Depositories of Funds
SUBMITTED BY: Cathy Bendel, Finance Director
THROUGH: Cathy Bendel, Finance Director
REVIEWED BY: Kristina Handt, City Administrator
SUGGESTED ORDER OF BUSINESS (if removed from Consent):
- Introduction of Item .............................................................. City Administrator
- Report/Presentation…………………………………………City Administrator
- Questions from Council to Staff ............................................. Mayor Facilitates
- Call for Motion ............................................................... Mayor & City Council
- Discussion ....................................................................... Mayor & City Council
- Action on Motion .................................................................... Mayor Facilitates POLICY RECOMMENDER: Finance Director; State law mandates that the City designate Official Depositories of Funds annually. FISCAL IMPACT: None
SUMMARY AND ACTION REQUESTED:
The City Council is requested to approve Resolution No. 2017-01; Designating the Official Depositories of Funds for 2017. As part of its consent agenda, no specific motion is required. If Council wishes to remove this item from the consent agenda, the recommended motion is as
follows:
“Move to designate Lake Elmo Bank, Wells Fargo Bank, Northland Securities and Morgan Stanley Smith Barney LLC as the official depositories for the City of Lake Elmo for 2017.”
LEGISLATIVE HISTORY:
Pursuant to State Statute 427.01 et seq, the City Council is respectfully being asked to designate official depositories for 2017. Based upon past practice as well as current and likely future needs,
City Council Meeting [Consent Agenda Item #3]
January 3, 2017
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it is recommended that the following be designated as the official depositories for the City of Lake
Elmo for 2017:
• Lake Elmo Bank
• Well Fargo Bank
• Northland Securities
• Morgan Stanley Smith Barney LLC
RECOMMENDATION:
The City Council is requested to approve Resolution No. 2017-01; Designating the Official Depositories of Funds for 2017. As part of its consent agenda, no specific motion is required. If
Council wishes to remove this item from the consent agenda, the recommended motion is as
follows: “Move to designate Lake Elmo Bank, Wells Fargo Bank, Northland Securities and Morgan Stanley Smith Barney LLC as the official depositories for the City of Lake Elmo for 2017.”
ATTACHMENT:
1) Resolution No. 2017-01
Resolution 2016-01
CITY OF LAKE ELMO WASHINGTON COUNTY STATE OF MINNESOTA RESOLUTION 2017-001 A RESOLUTION DESIGNATING THE OFFICIAL DEPOSITORIES OF FUNDS FOR 2017 WHEREAS, Minnesota Statutes, Chapter 427, requires the adoption of certain policies
and procedures pertaining to the deposit of public funds; and
WHEREAS, the statute also requires the designation of an official depository of funds by a local government each year within 30 days of the beginning of the fiscal year.
NOW THEREFORE BE IT RESOLVED, by the City Council of the City of Lake Elmo, that the following financial institutions are hereby designated as the Official Depositories of Funds
for 2015:
• Lake Elmo Bank
• Well Fargo Bank
• Northland Securities
• Morgan Stanley Smith Barney LLC
ADOPTED BY THE CITY COUNCIL OF THE CITY OF LAKE ELMO THIS THIRD DAY OF JANUARY 2017.
CITY COUNCIL
CITY OF LAKE ELMO
By: __________________________ Mike Pearson Mayor ATTEST:
________________________________ Julie Johnson City Clerk