ITEM: 12.3 ADMINISTRATION - Joe Huss, Finance Director
Title
DESIGNATE OFFICIAL CITY DEPOSITORIES FOR 2012
Background
This item fulfills the requirement of Minnesota State Statutes ยง118A.02. 21st Century Bank has served as the City's primary banking services provider since 2008 and has provided satisfactory service with regard to the terms of the agreement. The City's senior housing accounts are on deposit with Village, and US Bank is used as a depository for certain investment transactions. Should it become necessary to approve additional depositories at some time in 2012, an item would be brought before Council at that time.
Recommendation
By motion, designate the following as official depositories for City funds for 2011:
21st Century Bank
Village Bank
US Bank