5.19.
| CC Regular Session |
| Meeting Date: | 01/09/2024 |
| Primary Strategic Plan Initiative: | {ud_pd7} |
Information
Title
Adopt Resolution #24-015 Designating Financial Institutions as Official Depositories; Adopt Resolution #24-016 Authorizing Signatures for Financial Transactions and Adopt Resolution #24-017 Designating Bank of the West as the Official Financial Institution for the City of Ramsey Banking Services for the Year of 2024.
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 #24-015). The City further adopts Resolution #24-017 that authorizes BMO Bank (an official depository noted in Resolution #24-015) as the City's official bank for banking services such as checking.
In addition, Resolution #24-016 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.
In addition, Resolution #24-016 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:
There is an 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 #24-015 Designating Financial Institutions as Official Depositories; Adopt Resolution #24-016 Authorizing Signatures for Financial Transactions and Adopt Resolution #24-017 Designating Bank of the West as the Official Financial Institution for the City of Ramsey Banking Services for the Year of 2024.
Attachments
- Reso #24-015 Official Depositories
- Reso #24-016 Authorized Signatures for Financial Transactions
- Reso #24-017 BMO Bank for Banking Services
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Brian Hagen | Brian Hagen | 01/04/2024 10:15 AM |
- Form Started By:
- Diana Lund
- Started On:
- 12/20/2023 08:09 AM
- Final Approval Date:
- 01/04/2024