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CC Regular Session <br />Meeting Date: 01 / 11 /2022 <br />By: Diana Lund, Finance <br />Information <br />5. 13. <br />Title <br />Adopt Resolution #22-012 Designating Financial Institutions as Official Depositories; Adopt Resolution #22-013 <br />Authorizing Signatures for Financial Transactions and Adopt Resolution #22-014 Designating Bank of the West as <br />the Official Financial Institution for the City of Ramsey Banking Services for the Year of 2022. <br />Purpose/Background: <br />Minnesota Statutes Section 118A sets forth the procedures that Cities must follow for the deposit and investment <br />of local public funds. Annually, the city needs to adopt a resolution that designates financial institutions as official <br />depositories of city funds (Resolution #21-012). The City further adopts Resolution #21-014 that authorizes Bank <br />of the West (an official depository noted in Resolution #21-012) as the City's official bank for banking services <br />such as checking. <br />In addition, Resolution #22-013 is annually adopted that gives authorization to those that can sign off on financial <br />transactions. Notably, the Mayor, Acting Mayor, City Administrator, Finance Director and Assistant Finance <br />Director. <br />Motion to Adopt Resolution #21-002 Designating Financial Institutions as Official Depositories; Adopt Resolution <br />#21-003 Authorizing Signatures for Financial Transactions and Adopt Resolution #21-004 Designating Bank of <br />the West as the Official Financial Institution for the City of Ramsey Banking Services for the Year of 2021. <br />Observations/Alternatives: <br />Annual Requirement that these financial resolutions be adopted. <br />Recommendation: <br />Adopt noted resolutions as these are required to be approved annually. <br />Action: <br />Motion to Adopt Resolution #22-012 Designating Financial Institutions as Official Depositories; Adopt Resolution <br />#22-013 Authorizing Signatures for Financial Transactions and Adopt Resolution #22-014 Designating Bank of the <br />West as the Official Financial Institution for the City of Ramsey Banking Services for the Year of 2022. <br />Attachments <br />Reso #22-012 Official Depositories <br />Reso #22-013 Authorized Signatures for Financial Transactions <br />Reso #22-014 Bank of West for Banking Services <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 01/05/2022 04:14 PM <br />Form Started By: Diana Lund Started On: 01/03/2022 09:53 AM <br />Final Approval Date: 01/05/2022 <br />