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6. 18. <br /> CC Regular Session <br /> Meeting Date: 01/14/2025 <br /> Primary Strategic Plan Initiative: Not Applicable <br /> Title: <br /> Adopt Resolution#25-011 Designating Financial Institutions as Official Depositories;Adopt Resolution#25-012 <br /> Authorizing Signatures for Financial Transactions and Adopt Resolution#25-013 Designating BMO Bank,N.A. <br /> as the Official Financial Institution for the City of Ramsey Banking Services for the Year of 2025. <br /> Purpose/Background: <br /> Minnesota Statutes Section I I8A 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#25-011). The City further adopts Resolution#25-013 that <br /> authorizes BMO Bank(an official depository noted in Resolution#25-011) as the City's official bank for banking <br /> services such as checking. <br /> In addition, Resolution#25-012 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 /> Time Frame/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 /> Outcome/Action: <br /> Motion to Adopt Resolution#25-011 Designating Financial Institutions as Official Depositories;Adopt Resolution#25-012 <br /> Authorizing Signatures for Financial Transactions and Adopt Resolution#25-013 Designating BMO Bank, N.A.as the Official <br /> Financial Institution for the City of Ramsey Banking Services for the Year of 2025. <br /> Attachments <br /> Reso#25-011 Official Depositories <br /> Reso#25-012 Authorized Signatures for Financial Transactions <br /> Reso#25-013 BMO Bank for Banking Services <br /> Form Review <br /> Inbox Reviewed By Date <br /> Brian Hagen Brian Hagen 01/02/2025 11:54 AM <br /> Form Started By:Diana Lund Started On: 12/31/2024 08:22 AM <br /> Final Approval Date:01/02/2025 <br />