HomeMy WebLinkAbout24-005 - ADMIN Resolution - City Council - 2024/01/02
Resolution No. 24-005
Designating Citizens Independent Bank and the
4M fund as official depositories for city funds in 2024
Whereas, Citizens Independent Bank and the 4M fund have been selected to be the City
of St Louis Park’s official depositories; and
Whereas, State of Minnesota Statutes 118A sets forth the requirements for the
Designation of Depositories, and the insuring and/or securing of deposits; and
Now therefore be it resolved by the city council of the City of St. Louis Park, Minnesota,
that:
1. That Citizens Independent Bank and the 4M Fund be designated as the city’s official
depository for 2024 for the depository and controlled disbursement accounts, with
balances not to exceed the limits of FDIC coverage or pledged collateral for those
amounts requiring collateral;
Be it further resolved that the Finance Director or the Finance Director’s designee of the
City of St Louis Park is hereby designated as the approval authority for the acceptance and
release of all collateral to be held in conjunction with city funds on deposit.
Reviewed for administration:
Adopted by the city council January 2, 2024
Kim Keller, city manager Nadia Mohamed, mayor
Attest:
Melissa Kennedy, city clerk
DocuSign Envelope ID: BB02A313-8CD5-4C6F-8A36-43580349ABF3