Naming Authorized Depository InstitutionsTHE CITY OF DUBUQUE
Masterpiece on the Mississippi
Dubuque
All-American City
2007
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Authorized Depository Institutions
DATE: November 20, 2008
Finance Director Ken TeKippe recommends City Council approval to make First Bank,
Irving, Texas, an authorized depository institution for the City of Dubuque funds
collected for dog and car lecenses by PetData, Inc. PetData preferred using First Bank
since it is the primary bank used for their customers. The balance in this account
should never exceed $100,000.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Michael C. Van Milligen
MCVM/jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Kenneth J. TeKippe, Finance Director
THE CITY OF DUBUQUE
Showing the Spirit
Memorandum
TO: Michael C. Van Milligen, City Manager
FROM: Kenneth J. TeKippe, Finance Director
SUBJECT: Authorized Depository Institutions
DATE: November 20, 2008
INTRODUCTION
Chapter 12C.2 of the Code of Iowa states that a public entity shall enter into the minutes
of its governing body, by resolution or written statement, the name of each financial
institution eligible for the deposit of public funds and the maximum amount authorized
for deposit therein. This procedure is required if a financial institution changes its name
or home office location, if the maximum balance is changed, or if a financial institution is
added or deleted.
DISCUSSION
The attached depository resolution establishes the maximum balance for First Bank,
Irving, Texas. The bank will be used to deposit funds collected for dog and cat licenses
by PetData, Inc. A contract to utilize PetData to collect dog and cat licenses was
approved at the November 17, 2008 City Council meeting. Monthly, the account will
affect collections for licenses with PetData monthly fees deducted and the balance
transferred to the City. Accordingly, the balance in the account should never exceed
$100,000. PetData preferred using First Bank since it is the primary bank used for their
customers. The eight current approved depositories do not have a branch in Irving,
Texas. The most recent change to our authorized depository institutions was in
November 2007 when the maximum balance for U.S. Bank was increased.
ACTION
Please present the attached resolution to the City Council for consideration of approval.
If there are any questions on the resolution please contact me. Thank you for your
assistance.
KT/jg
Enclosure
RESOLUTION NO. 417-08
RESOLUTION NAMING DEPOSITORIES
Whereas, Chapter 12C.2 of the 2201 Code of Iowa states that the approval of a
financial institution as a depository shall be by written resolution or order which shall be
entered of record in the minutes of the approving board, and which shall distinctly name
each depository approved, and specify the maximum amount which may be kept on
deposit in each depository; and
Whereas, This procedure is required if a financial institution changes its name or
home office location, if the maximum amount is changed, or if a financial institution is
added or deleted.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA:
Section 1. That the following financial institutions are approved to be depositories
of the City of Dubuque, Iowa funds. in conformance with all applicable provisions of the
2001 Iowa Code Chapter 12C.2. The City Treasurer is hereby authorized to deposit City
of Dubuque, Iowa funds in amounts not to exceed the maximum approved for each
respective financial institution as set out below.
Depository Name
Location of Home Office
Maximum Balance
American Trust & Savings Bank
Dubuque Bank & Trust Company
U.S. Bank
Dupaco Community Credit Union
Premier Bank
East Dubuque Savings Bank
Liberty Bank
State Central Bank
First Bank
Dubuque, Iowa
Dubuque, Iowa
Minneapolis, Minnesota
Dubuque, Iowa
Dubuque, Iowa
Dubuque, Iowa
Des Moines, Iowa
Keokuk, Iowa
Irving, Texas
$40,000,000
$40,000,000
$40,000,000
$20,000,000
$20,000,000
$20,000,000
$20,000,000
$20,000,000
$ 100, 000
Passed, approved and adopted this 1st day of December, 2008.
Roy D. Buol, Mayor
Attest:
Jeanne F. Schneider, City Clerk