Laserfiche WebLink
CC Regular Session <br />Meeting Date: 01/10/2023 <br />By: Diana Lund, Finance <br />Information <br />5.7. <br />Title <br />Adopt Resolution #23-013 Designating Financial Institutions as Official Depositories; Adopt Resolution #23-014 <br />Authorizing Signatures for Financial Transactions and Adopt Resolution #23-015 Designating Bank of the West <br />as the Official Financial Institution for the City of Ramsey Banking Services for the Year of 2023. <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 <br />official depositories of city funds (Resolution #23-013). The City further adopts Resolution #23-015 that <br />authorizes Bank of the West (an official depository noted in Resolution #23-013) as the City's official bank for <br />banking services such as checking. <br />In addition, Resolution #23-014 is annually adopted that gives authorization to those that can sign off on <br />financial transactions. Notably, the Mayor, Acting Mayor, City Administrator, Finance Director and Assistant <br />Finance Director. <br />Observations/Alternatives: <br />There is an 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 #23-013 Designating Financial Institutions as Official Depositories; Adopt <br />Resolution #23-014 Authorizing Signatures for Financial Transactions and Adopt Resolution #23-015 <br />Designating Bank of the West as the Official Financial Institution for the City of Ramsey Banking <br />Services for the Year of 2023. <br />Attachments <br />Reso #23-013 Official Depositories <br />Reso #23-014 Authorized Signatures for Financial Transactions <br />Reso #23-015 Bank of West for Banking Services <br />Form Review <br />Inbox Reviewed By Date <br />Brian Hagen Brian Hagen 01/04/2023 05:29 PM <br />Form Started By: Diana Lund Started On: 01/02/2023 10:22 AM <br />Final Approval Date: 01/04/2023 <br />