HomeMy WebLinkAbout24-092 - ADMIN Resolution - City Council - 2024/08/19
Resolution No. 24 - 092
Designating US Bank as an official depository and custodial for city funds in 2024
Whereas, US Bank has been selected as the city’s official depository and the official
custodial of the city’s investments. PMA 4M will remain custodial of the city’s investment
account as US Bank provides custodial services to the 4M fund and continues as an official
depository for the city. Citizens Independent Bank will remain an official depository to the city
for calendar year 2024 as the city transitions to US Bank for depository services. UBS will
remain as an official custodial of the city’s investments for calendar year 2024 as the city
transitions to US Bank for custodial services; and
Whereas, State of Minnesota Statutes 118A sets forth the requirements for the
designation of depositories, make investments of funds under sections 118A.01 to 118A.06 or
other applicable law, and both designate depositories and make investments as provided in this
subdivision; and
Now therefore be it resolved by the city council of the City of St. Louis Park, Minnesota,
1. US Bank be named as an official depository of the city, with sufficient collateral
pledged equal to 110% of the uninsured amount on deposit;
2. US Bank be named as an official custodial of the city’s investment accounts;
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 August 19, 2024:
Kim Keller, city manager Nadia Mohamed, mayor
Attest:
Melissa Kennedy, city clerk
Docusign Envelope ID: 91C0810A-F553-4446-91CC-CBABF9922690