Authorized Depository Institutions Copyrighted
August 21, 2023
City of Dubuque Consent Items # 05.
City Council Meeting
ITEM TITLE: Authorized Depository Institutions
SUMMARY: City Manager recommending approval of a resolution that adds lowa
Public Agency I nvestment Trust as an authorized depository institution
for the City of Dubuque, renames People's National Bank to Capra Bank,
and increases DuTrac and Dupaco Community Credit Union's limit to
$40 million.
RESOLUTION Naming Depositories
SUGGESTED Suggested Disposition: Receive and File;Adopt Resolution(s)
DISPOSITION:
ATTACHMENTS:
Description Type
MVM Memo City Manager Memo
Staff Memo Staff Memo
Resolution Resolutions
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: August 15, 2023
Chief Financial Officer Jennifer Larson requests City Council approval of a resolution
that adds lowa Public Agency Investment Trust as an authorized depository institution
for the City of Dubuque, renames People's National Bank to Capra Bank, and increases
DuTrac, Dupaco, Collins, Capra, Green State, Vibrant, and Premier Bank limits to $40
million.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
v
Mic ael C. Van Milligen
MCVM:jml
Attachment
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Jennifer Larson, Chief Financial Officer
Brian DeMoss, Finance Manager
Dubuque
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TO: Michael C. Van Milligen, City Manager
FROM: Jennifer Larson, Chief Financial Officer
SUBJECT: Authorized Depository Institutions
DATE: August 15, 2023
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 lowa Public Agency Investment Trust (IPAIT)
as an authorized depository institution. IPAIT was created in 1987 to enable eligible
lowa public agencies to conveniently and effectively invest their available operating and
reserve funds. In addition, People's National Bank was renamed to Capra Bank and the
location of home office was changed to Dubuque, lowa. Finally, the depository
resolution increases DuTrac, Dupaco, Collins, Capra, Green State, Vibrant, and Premier
Bank limits to $40 million.
ACTION
The action step is for City Council to adopt the attached resolution approving lowa
Public Agency Investment Trust as an authorized financial institution for the City of
Dubuque, changing the name of People's National Bank to Capra Bank, and increasing
the limits of increases DuTrac, Dupaco, Collins, Capra, Green State, Vibrant, and
Premier Bank to $40 million.
JML
Enclosures
RESOLUTION NO. 262-23
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 Location of Maximum
Name Home Office Balance
MidWestOne Bank Iowa City, Iowa $60,000,000
Dubuque Bank & Trust Company Dubuque, Iowa $60,000,000
U.S. Bank Minneapolis, Minnesota $40,000,000
Fidelity Bank & Trust Dyersville, Iowa $40,000,000
Iowa Public Agency Investment Trust West Des Moines, Iowa $40,000,000
Dupaco Community Credit Union _ Dubuque, Iowa $40,000,000
DuTrac Community Credit Union Dubuque, Iowa $40,000,000
Collins Community Credit Union Cedar Rapids, Iowa $40,000,000
Capra Bank Dubuque, Iowa $40,000,000
Green State Credit Union North Liberty, Iowa $40,000,000
Vibrant Credit Union Moline, Iowa $40,000,000
Premier Bank Dubuque, Iowa $40,000,000 _
Hometown Bank Fond du Lac, Wisconsin $ 250,000
Passed, approved, and adopted this 215t day of August 2023.
rad M. C agh, Mayor
Attest:
Trish L. Gleason, Assistant City Clerk