View Agenda Item

5.24.

CC Regular Session

Meeting Date:	01/13/2026

Primary Strategic Plan Initiative:	{ud_pd8}

Title:

Adopt Resolution #26-013 Designating Financial Institutions as Official Depositories; Adopt Resolution #26-014 Authorizing Signatures for Financial Transactions and Adopt Resolution #26-015 Designating BMO Bank, N.A. as the Official Financial Institution for the City of Ramsey Banking Services for the Year of 2026.

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 #26-013). The City further adopts Resolution #26-015 that authorizes BMO Bank (an official depository noted in Resolution #26-013) as the City's official bank for banking services such as checking.

In addition, Resolution #26-014 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.

Notification:

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 #26-013 Designating Financial Institutions as Official Depositories; Adopt Resolution #26-014 Authorizing Signatures for Financial Transactions and Adopt Resolution #26-015 Designating BMO Bank, N.A. as the Official Financial Institution for the City of Ramsey Banking Services for the Year of 2026.

Attachments

Form Review

Inbox	Reviewed By	Date
Brian Hagen	Brian Hagen	01/08/2026 03:20 PM

Form Started By:: Diana Lund
Started On:: 01/02/2026 10:12 AM
Final Approval Date:: 01/08/2026