HomeMy WebLinkAbout2011-01-05 PACKET 04.B.REQUEST OF CITY COUNCIL ACTION COUNCIL AGENDA
MEETING ITEM #
DATE 1 -5 -2011 r
Finance
ORIGINATING DEPARTMENT
Robin Roland
STAFF AUTHOR
COUNCIL ACTION REQUEST
Adopt resolution designating depositories for City funds and authorizing the investment of
surplus funds for 2011.
STAFF RECOMMENDATION
Adopt resolution designating depositories for City funds and authorizing the investment of
surplus funds for 2011
BUDGET IMPLICATION
BUDGETED AMOUNT
ADVISORY COMMISSION ACTION
❑ PLANNING
❑ PUBLIC SAFETY
❑ PUBLIC WORKS
❑ PARKS AND RECREATION
❑ HUMAN SERVICES /RIGHTS
❑ ECONOMIC DEV. AUTHORITY
SUPPORTING DOCUMENTS
DATE
❑ MEMO /LETTER:
® RESOLUTION:
❑ ORDINANCE:
❑ ENGINEERING RECOMMENDATION:
❑ LEGAL RECOMMENDATION:
❑ OTHER:
ADMINISTRATORS COMMENTS
REVIEWED
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ACTUAL AMOUNT
APPROVED
DENIED
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RESOLUTION NO. 11-
DESIGNATING DEPOSITORIES FOR CITY FUNDS AND AUTHORIZING THE
INVESTMENT OF SURPLUS FUNDS FOR 2011
WHEREAS, Minnesota Statute Chapter 118A requires that the City
Council must designate all banks, savings and loan associations, and investment
brokers as depositories of City funds on a yearly basis, and
WHEREAS, the City Council may authorize the Treasurer or Chief
Financial Officer to exercise powers of the governing body in designating a
depository of City funds.
NOW THEREFORE BE IT RESOLVED, that the City Council of the City of
Cottage Grove, County of Washington, State of Minnesota, authorizes Robin
Roland, Finance Director of the City of Cottage Grove to designate depositories
of City funds
BE IT FURTHER RESOLVED, that the Finance Director or other
responsible designee of the City of Cottage Grove be authorized to make bank
wire transfers for investment transactions.
Passed this 5 th day of January 2011.
Myron Bailey, Mayor
Attest:
Ryan Schroeder, City Administrator