Authorized Depository InstitutionsCity of Dubuque
City Council Meeting
Consent Items # 05.
Copyrighted
August 19, 2024
ITEM TITLE: Authorized Depository Institutions
SUMMARY: City Manager recommending City Council approval of a resolution that
increases the depository limit of DuTrac Community Credit Union 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
Masterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Authorized Depository Institutions
DATE: August 14, 2024
Dubuque
AIl•laeria City
vnixr.+icn+-. 11nxr
2007.2012.2013
2017*2019
Chief Financial Officer Jennifer Larson requests City Council approval of a resolution
that increases the depository limit of Dutrac Community Credit Union to $60 million.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
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
Masterpiece on the Mississippi
TO: Michael C. Van Milligen, City Manager
FROM: Jennifer Larson, Chief Financial Officer
SUBJECT: Authorized Depository Institutions
DATE: August 15, 2024
Dubuque
All -America City
1�1I
II
2007.2012.2013
2017*2019
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 increases Dutrac Community Credit Union to $60
million due to their recent award of $30 million in certificate of deposits.
ACTION
The action step is for City Council to adopt the attached resolution approving an
increase to the limit of Dutrac Community Credit Union to $60 million.
JML
Enclosures
Prepared by Jennifer Larson, Chief Financial Officer, 50 W. 13th St., Dubuque, IA 52001, (563) 589-4322
Return to Adrienne N. Breitfelder, City Clerk, 50 W. 13th St., Dubuque, IA 52001, (563) 589-4100
RESOLUTION NO. 254-24
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
DuTrac Community Credit Union
U.S. Bank
Fidelity Bank & Trust
Dupaco Community Credit Union
Collins Community Credit Union
Capra Bank
Green State Credit Union
Vibrant Credit Union
Premier Bank
Hometown Bank
Location of Home Office
Iowa City, Iowa
Dubuque, Iowa
West Des Moines, Iowa
Dubuque, Iowa
Minneapolis, Minnesota
Dyersville, Iowa
Dubuque, Iowa
Cedar Rapids, Iowa
Dubuque, Iowa
North Liberty, Iowa
Moline, Iowa
Dubuque, Iowa
Fond du Lac, Wisconsin
Passed, approved and adopted this 19th day of August 2024.
Brad M. Cava , M
Attest:
or
Maximum BalancE
$60,000,000
$60,000,000
$60,000,000
$60,000,000
$40,000,000
$40,000,000
$40,000,000
$40,000,000
$40,000,000
$40,000,000
$40,000,000
$40,000,000
$ 250,000
Adrienne N. Breitfelder, City Clerk