AWARDS-PRESENTATIONS-ORGANIZATIONAL BUSINESS - Joe Huss, Finance Director
Title
DESIGNATE OFFICIAL CITY DEPOSITORIES FOR 2016
Background
This item fulfills the requirement of Minnesota State Statute 118A.02. 21st Century Bank serves as the City’s primary banking services provider and US Bank is used as a depository for certain investment transactions. In 2016, as part of the City’s investment portfolio, a certain amount of funds will be set aside for investment in local Community Banks, most likely in the form of certificates of deposit. In order to implement such a program, it is necessary to designate a bank as an official depository before placing funds with the bank. Should it become necessary to approve additional depositories in 2016, the item would be brought up at that time.
Recommendation
By motion, designate the following as official depositories for City funds in 2016:
21st Century Bank
Anchor Bank
Bank of the West
Boundary Waters Bank
Premier Bank
Village Bank
US Bank