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CC Regular Session <br />Meeting Date: <br />Primary Strategic Plan Initiative: <br />01 /09/2024 <br />Not Applicable <br />Information <br />5. 19. <br />Title <br />Adopt Resolution #24-015 Designating Financial Institutions as Official Depositories; Adopt Resolution #24-016 <br />Authorizing Signatures for Financial Transactions and Adopt Resolution #24-017 Designating Bank of the West <br />as the Official Financial Institution for the City of Ramsey Banking Services for the Year of 2024. <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 #24-015). The City further adopts Resolution #24-017 that <br />authorizes BMO Bank (an official depository noted in Resolution #24-015) as the City's official bank for banking <br />services such as checking. <br />In addition, Resolution #24-016 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 />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 #24-015 Designating Financial Institutions as Official Depositories; Adopt Resolution #24-016 <br />Authorizing Signatures for Financial Transactions and Adopt Resolution #24-017 Designating Bank of the West as the Official <br />Financial Institution for the City of Ramsey Banking Services for the Year of 2024. <br />Attachments <br />Reso #24-015 Official Depositories <br />Reso #24-016 Authorized Signatures for Financial Transactions <br />Reso #24-017 BMO Bank for Banking Services <br />Form Review <br />Inbox Reviewed By Date <br />Brian Hagen Brian Hagen 01/04/2024 10:15 AM <br />Form Started By: Diana Lund Started On: 12/20/2023 08:09 AM <br />Final Approval Date: 01 /04/2024 <br />