ORGANIZATIONAL BUSINESS - Joe Huss, Finance Director
Title
DESIGNATE OFFICIAL CITY DEPOSITORIES FOR 2020
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. Other banks are listed as depositories if, through the normal course of business, the City finds it necessary to deposit funds other than in its primary bank accounts.
Recommendation
By motion, designate the following as official depositories for City funds in 2020:
21st Century Bank
Old National Bank
Bank of the West
Boundary Waters Bank
Premier Bank
Village Bank
US Bank