HomeMy WebLinkAbout#03 - Official Depositories
STAFF REPORT
DATE: January 5, 2021
CONSENT
TO: Mayor and City Council FROM: Kristina Handt, City Administrator AGENDA ITEM: Designate the Official Depositories of Funds – Resolution 2021-001
BACKGROUND: Pursuant to State Statute 427.01 et seq, the City Council is respectfully being asked to designate official depositories for 2021. Based upon past practice as well as current and likely future needs,
it is recommended that the following be designated as the official depositories for the City of Lake Elmo for 2021:
• Lake Elmo Bank
• First Resource Bank
• US Bank N.A.
• Wells Fargo Bank
• 4M Fund
• Prudent Man Advisors, Inc.
• PMA Securities, Inc.
• PMA Financial Network, Inc.
• Wells Fargo Advisors
• Wells Fargo Securities
• Northland Securities Inc.
QUESTION BEFORE THE CITY COUNCIL: 1) Should the City Council adopt the resolution as attached? FISCAL IMPACT: Designation of official depositories helps to ensure compliance with MN State Statute and that the resources
entrusted to the City are maintained in official financial institutions.
OPTIONS: 1) Approve the attached resolution designating the official depositories as listed. 2) Amend and then approve the attached resolution designating the official depositories.
RECOMMENDATION: 1) Adopt Resolution No. 2021-001; Designate the Official Depositories of Funds for 2021. ATTACHMENTS: 1) Resolution No. 2021-01; Designate the Official Depositories of Funds for 2021.
CITY OF LAKE ELMO WASHINGTON COUNTY
STATE OF MINNESOTA RESOLUTION 2021-001 A RESOLUTION TO DESIGNATE THE OFFICIAL DEPOSITORIES OF
FUNDS FOR 2021
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 2021:
• Lake Elmo Bank
• First Resource Bank
• US Bank NA
• Wells Fargo Bank
• 4M Fund
• Prudent Man Advisors, Inc.
• PMA Securities, Inc.
• PMA Financial Network, Inc.
• Wells Fargo Advisors
• Wells Fargo Securities
• Northland Securities Inc.
ADOPTED BY THE CITY COUNCIL OF THE CITY OF LAKE ELMO THIS 5th DAY OF JANUARY 2021. CITY COUNCIL CITY OF LAKE ELMO
By: _ Charles Cadenhead
Mayor
ATTEST:
Julie Johnson
City Clerk