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6.18.
CC Regular Session
Meeting Date: 01/14/2025
   
Primary Strategic Plan Initiative: {ud_pd8}

Title:

Adopt Resolution #25-011 Designating Financial Institutions as Official Depositories; Adopt Resolution #25-012 Authorizing Signatures for Financial Transactions and Adopt Resolution #25-013 Designating BMO Bank, N.A. as the Official Financial Institution for the City of Ramsey Banking Services for the Year of 2025.

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 #25-011).  The City further adopts Resolution #25-013 that authorizes BMO Bank (an official depository noted in Resolution #25-011) as the City's official bank for banking services such as checking.

In addition, Resolution #25-012 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.  

Time Frame/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.

Outcome/Action:

Motion to Adopt Resolution #25-011 Designating Financial Institutions as Official Depositories; Adopt Resolution #25-012 Authorizing Signatures for Financial Transactions and Adopt Resolution #25-013 Designating BMO Bank, N.A. as the Official Financial Institution for the City of Ramsey Banking Services for the Year of 2025.

Attachments

Form Review

Inbox Reviewed By Date
Brian Hagen Brian Hagen 01/02/2025 11:54 AM
Form Started By:
Diana Lund
Started On:
12/31/2024 08:22 AM
Final Approval Date:
01/02/2025