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City Council Regular
Meeting Date: 01/07/2020  
Subject:    Designate Official Depositories and Investment Collateral Management Procedures
From: Francine Hanson, Finance Director

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 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.  The City is currently evaluating its long-term banking needs and staff will make a future recommendation to the City Council about whether to maintain services with Wells Fargo or to switch to a different bank. That analysis is ongoing and approving this recommendation will not prohibit the City from changing banks later this year if appropriate. 
Adopt Resolution 20-24 designating depositories and investment collateral management procedures.

Resolution 20-24 designating depositories and investment collateral management proceduress

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