Agenda - Council - 01/12/2021 - Laserfiche WebLink

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CC Regular Session Meeting Date: 01/12/2021 By: Diana Lund, Finance Information 5.10. Title Adopt Resolution #21-002 Designating Financial Institutions as Official Depositories; Adopt Resolution #21-003 Authorizing Signatures for Financial Transactions and Adopt Resolution #21-004 Designating Bank of the West as the Official Financial Institution for the City of Ramsey Banking Services for the Year of 2021. Purpose/Background: Minnesota Statutes Section 118A sets forth the procedures that Cities must follow for the deposit and investment of local public funds. Annually, the city needs to adopt a resolution that designates financial institutions as official depositories of city funds (Resolution #21-002). The City further adopts Resolution #21-004 that authorizes Bank of the West (an official depository noted in Resolution #21-002) as the City's official bank for banking services such as checking. In addition, Resolution #21-003 is annually adopted that gives authorization to those that can sign off on financial transactions. Notably, the Mayor, Acting Mayor, City Administrator, Finance Director and Assistant Finance Director. Observations/Alternatives: Annual Requirement that these financial resolutions be adopted. Recommendation: Adopt noted resolutions as these are required to be approved annually. Action: Motion to Adopt Resolution #21-002 Designating Financial Institutions as Official Depositories; Adopt Resolution #21-003 Authorizing Signatures for Financial Transactions and Adopt Resolution #21-004 Designating Bank of the West as the Official Financial Institution for the City of Ramsey Banking Services for the Year of 2021. Attachments Reso #21-002 Official Depositories Resp #21-003 Authorized Signatures for Financial Transactions Reso #21-004 Bank of West for Banking Services Form Review Inbox Reviewed By Date Kurt Ulrich Kurt Ulrich 01/07/2021 10:31 AM Form Started By: Diana Lund Started On: 01/04/2021 09:25 AM Final Approval Date: 01/07/2021