Authorized Depository InstitutionsCopyrighted
April 18, 2022
City of Dubuque Consent Items # 5.
City Council Meeting
ITEM TITLE: Authorized Depository Institutions
SUMMARY: City Manager recommending City Council approval of a resolution that
adds Green State Credit Union as an authorized depository institution for
the City of Dubuque.
RESOLUTION Naming depositories
SUGGESTED Suggested Disposition: Receive and File; Adopt Resolution(s)
DISPOSITION:
ATTACHMENTS:
Description
MVM Memo
Staff Memo
Type
City Manager Memo
Staff Memo
Depository Resolution Resolutions
THE C
DUUB--'&-FE
Masterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Authorized Depository Institutions
DATE: April 11, 2022
Dubuque
All -America City
ii
2007-2012.2013
2017*2019
Director of Finance and Budget Jennifer Larson requests City Council approval of a
resolution that adds Green State Credit Union as an authorized depository institution for
the City of Dubuque.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
k�4
Mic ael C. Van Milligen
MCVM:jml
Attachment
CC' Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Jennifer Larson, Director of Finance and Budget
Cassie Ross, Assistant Director of Finance
THE CITY OF
DUB E
Masterpiece on the Mississippi
TO: Michael C. Van Milligen, City Manager
FROM: Jennifer Larson, Director of Finance and Budget
SUBJECT: Authorized Depository Institutions
DATE: April 11, 2022
INTRODUCTION
Dubuque
AII•Awerica City
wvxrWLLrn'e, i i
2007-2012.2013
2017*2019
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 adds Green State Credit Union as an authorized
depository institution. Dubuque Metropolitan Solid Waste Agency requested that Green
State Credit Union be allowed to bid on checking; savings; money market or certificate
of deposit accounts.
East Dubuque Savings Bank has been deleted as an authorized depository institution
due to being purchased by Fidelity Bank & Trust.
In addition, Collins Community Credit Union has been reduced from $50 million to $35
million based on a change in interest rates offered to the City of Dubuque.
ACTION
The action step is for City Council to adopt the attached resolution approving Green
State Credit Union as an authorized financial institution for the City of Dubuque.
JML
Enclosures
Prepared by Jennifer Larson. Director of Finance and Budget 50 W. 13t' St., Dubuque, IA 52001 (563) 589-4322
Return to Adrienne N. Breitfelder, City Clerk, 50 W. 1311 St., Dubuque, IA 52001, (563) 589-4100
RESOLUTION NO. 126-22
RESOLUTION NAMING DEPOSITORIES
Whereas, Chapter 12C.2 of the 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
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
MidWestOne Bank
Dubuque Bank & Trust Company
U.S. Bank
Fidelity Bank & Trust
Collins Community Credit Union
Green State Credit Union
DuTrac Community Credit Union
Vibrant Credit Union
Dupaco Community Credit Union
Premier Bank
Hometown Bank
Attest:
Location of Home Office
Maximum Balance
Iowa City, Iowa
$60,000,000
Dubuque, Iowa
$60,000,000
Minneapolis, Minnesota
$40,000,000
Dyersville, Iowa
$40,000,000
Cedar Rapids, Iowa
$35,000,000
North Liberty, Iowa
$30,000,000
Dubuque, Iowa
$30,000,000
Moline, Iowa
$30,000,000
Dubuque, Iowa
$20,000,000
Dubuque, Iowa
$20,000,000
Fond du Lac, Wisconsin
$ 250,000
Passed, approved, and adopted this 18th day of April 2022
1111 •i..���
Brad M. Civ—alligg—h, Mayor