Adopt Resolution #21-002 Designating Financial Institutions as Official Depositories; Adopt Resolution #21-003 Authorizing Signatures for Financial Transactions and Adopt Resolution #21-004 Designating Bank of the West as the Official Financial Institution for the City of Ramsey Banking Services for the Year of 2021.

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 #21-002).  The City further adopts Resolution #21-004 that authorizes Bank of the West (an official depository noted in Resolution #21-002) as the City's official bank for banking services such as checking.

In addition, Resolution #21-003 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.  

 

Annual Requirement that these financial resolutions be adopted.

Adopt noted resolutions as these are required to be approved annually.

Motion to Adopt Resolution #21-002 Designating Financial Institutions as Official Depositories; Adopt Resolution #21-003 Authorizing Signatures for Financial Transactions and Adopt Resolution #21-004 Designating Bank of the West as the Official Financial Institution for the City of Ramsey Banking Services for the Year of 2021.