Authorized Depository InstitutionsCity of Dubuque
City Council Meeting
Consent Items # 05.
Copyrighted
March 4, 2024
ITEM TITLE: Authorized Depository Institutions
SUMMARY: City Manager requesting City Council approval of a resolution that
increases the depository limit of Iowa Public Agency Investment Trust to
$60 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
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: February 28, 2024
Dubuque
All -America City
ii
2007-2012.2013
2017*2019
Chief Financial Officer Jennifer Larson requests City Council approval of a resolution
that increases the depository limit of Iowa Public Agency Investment Trust to $60
million.
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, Chief Financial Officer
Brian DeMoss, Finance Manager
THE CITY OF
DUB E
Masterpiece on the Mississippi
TO: Michael C. Van Milligen, City Manager
FROM: Jennifer Larson, Chief Financial Officer
SUBJECT: Authorized Depository Institutions
DATE: February 28, 2024
INTRODUCTION
Dubuque
All-AmericaCity
wuxxvu rnr. u
II
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 increases Iowa Public Agency Investment Trust to
$60 million.
ACTION
The action step is for City Council to adopt the attached resolution approving an
increase to the limit of Iowa Public Agency Investment Trust to $60 million.
JML
Enclosures
Pre ared by Jennifer Larson Chief Financial Officer, 50 W. 13'h St. Dubuque, IA 52001 563 589-4322
Return to Adrienne N. Breitfelder, City Cierk, 50 W. 1V St., Dubuque, IA 52001, (563) 589-4100
RESOLUTION NO. 49-24
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
Iowa Public Agency Investment Trust
U.S. Bank
Fidelity Bank & Trust
Dupaco Community Credit Union
DuTrac Community Credit Union
Collins Community Credit Union
Capra Bank
Green State Credit Union
Vibrant Credit Union
Premier Bank
Hometown Bank
Location of Home Office
Maximum Balance
Iowa City, Iowa
$60,000,000
Dubuque, Iowa
$60,000,000
West Des Moines, Iowa
$60,000,000
Minneapolis, Minnesota
$40,000,000
Dyersville, Iowa
$40,000,000
Dubuque, Iowa
$40,000,000
Dubuque, Iowa
$40,000,000
Cedar Rapids, Iowa
$40,000,000
Dubuque, Iowa
$40,000,000
North Liberty, Iowa
$40,000,000
Moline, Iowa
$40,000,000
Dubuque, Iowa
$40,000,000
Fond du Lac, Wisconsin
$ 250,000
Passed, approved and adopted this 41h day of March 2024.
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Attest:
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Adrienne N. Breitfelder, City Clerk