ITEM: 5.2 AWARDS-PRESENTATIONS-ORGANIZATIONAL BUSINESS - Joe Huss, Finance Director
Title
DESIGNATE OFFICIAL CITY DEPOSITORIES FOR 2014
Background
This item fulfills the requirement of Minnesota State Statute 118A.02. 21st Century Bank serves as the City's primary banking services provider. The EDA Senior Housing accounts are with Village Bank, and US Bank is used as a depository for certain investment transactions. Should it become necessary to approve additional depositories in 2014, the item would be brought up at that time.
Recommendation
By motion, designate the following as official depositories for City funds in 2014:
21st Century Bank
Village Bank
US Bank