Authorized Depository Institutions - Collins Community Credit Union Copyrighted
February 5, 2018
City of Dubuque Consent Items # 17.
ITEM TITLE: Authorized Depository Institutions
SUMMARY: City Manager recommending approval of a resolution
adding Collins Community Credit Union as an authorized
depository institution for the City of Dubuque checking,
savings, money market or certificate of deposit accounts.
RESOLUTION Naming Depositories
SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Adopt
Resolution(s)
ATTACHMENTS:
Description Type
Authorized Depository Institutions-NNM Memo City Manager Memo
Memo to City Manager Staff Memo
Request from Collins Community CU Supporting Documentation
Resolution Resolutions
THE CITY OF Dubuque
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TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Authorized Depository Institutions
DATE: January 29, 2018
Finance Director Jean Nachtman requests City Council approval of a resolution adding
Collins Community Credit Union as an authorized depository institution for the City of
Dubuque checking, savings, money market or certificate of deposit accounts.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
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Mic ael C. Van Milligen �� �
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Attachment
cc: Crenna Brumwell, City Attorney
Teri Goodmann, Assistant City Manager
Cori Burbach, Assistant City Manager
Jean M. Nachtman, Finance Director
THE CITY OF Dubuque
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Masterpiece on the Mississippi 200,.2012.2013
TO: Michael C. Van Milligen, City Manager
FROM: Jean M. Nachtman, Finance Director
SUBJECT: Authorized Depository Institutions
DATE: January 25, 2018
INTRODUCTION
Chapter 12C.2 of the Code of lowa 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 adds Collins Community Credit Union as an
authorized depository institution. Thomas M. Blanford, Public Funds, requested that
Collins Community Credit Union be allowed to bid on City of Dubuque checking;
savings; money market or certificate of deposit accounts.
Collins Community Credit Union currently works with several eastern lowa cities as a
depository of public funds and would welcome the opportunity to work with the City of
Dubuque.
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.
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1150 42nd Street NE,Cedar Rapids,IA 52402 • 319-393-9000 • 800-475-1150 • www.collinscu.org
Branches located in Cedar Rapids,Marion,Des Moines,lowa City,North Liberty,Cedar Falls,Dubuque
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RESOLUTION NO. 26-18
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
American Trust & Savings Bank
Dubuque Bank & Trust Company
Collins Community Credit Union
U.S. Bank
Dupaco Community Credit Union
DuTrac Community Credit Union
Premier Bank
East Dubuque Savings Bank
Fidelity Bank & Trust
Frost Bank
Hometown Bank
Attest:
Location of Home Office
Dubuque, Iowa
Dubuque, Iowa
Cedar Rapids, Iowa
Minneapolis, Minnesota
Dubuque, Iowa
Dubuque, Iowa
Dubuque, Iowa
Dubuque, Iowa
Dyersville, Iowa
San Antonio, Texas
Fond du Lac, Wisconsin
Passed, approved and adopted this 5th day of February,
S. Firnstahl,,Ci(y Clerk
Maximum Balance
$60,000,000
$60,000,000
$50,000,000
$40,000,000
$20,000,000
$30,000,000
$20,000,000
$20,000,000
$40,000,000
$ 100,000
$ 250,000
Roy D. Buol, Mayor