HomeMy WebLinkAbout25-005 - ADMIN Resolution - City Council - 2025/01/06
Resolution No. 25-005
Designating US Bank, Citizens Independent Bank and the
PMA 4M fund as official depositories for city funds in 2025
Whereas, US Bank, Citizens Independent Bank and the PMA 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,
Now therefore be it resolved by the city council of the City of St. Louis Park, Minnesota,
that:
1. That US Bank, Citizens Independent Bank and the PMA 4M Fund be designated as the
city’s official depository for 2025 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 6, 2025:
Kimberly Keller, city manager Nadia Mohamed, mayor
Attest:
Melissa Kennedy, city clerk
Docusign Envelope ID: 37D3DD71-F652-41FD-8422-677EE15F8186