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City Council Regular
Meeting Date: 01/02/2018  
Subject:    Consider Resolution 18-7 Designating Depositories and Investment Collateral Management Procedures
From: Francine Hanson, Accounting Manager

Chapter 118A of the Minnesota Statutes sets forth the requirements for the deposit of public funds and the management of collateral.
State Statutes allow the City Council to authorize the treasurer or chief financial officer to designate depositories for City funds and to manage the collateral for those funds.  The attached resolution designates Wells Fargo Bank Minnesota, N.A. as the official depository and authorizes the Manager of Accounting or Finance Director to designate additional depositories for investment purposes, approve wire transfer agreements with the depositories, and manage the collateral as prescribed by State Statute.
Adopt Resolution 18-7 designating depositories and investment collateral management procedures.

RS 18-07

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