Authorized Depository InstitutionsCity of Dubuque
City Council
CONSENT ITEMS # 5.
Copyrighted
November 3, 2025
ITEM TITLE: Authorized Depository Institutions
SUMMARY: City Manager recommending City Council approval of a
resolution that increases the depository limit of banks to $80
million and $60 million to correspond with current certificate
of deposit activity and bank balances, and updates Dubuque
Bank and Trust (DB&T) UMB Bank, n.a. due to the bank
merger. Additionally Vibrant bank has been removed, and
Hometown Bank has been updated to Bank First with a
maximum balance of $1 million.
RESOLUTION Naming Depository Institutions And Setting
Limits For Deposits
SUGGUESTED Receive and File; Adopt Resolution(s)
DISPOSITION:
ATTACHMENTS:
1. MVM Memo
2. Staff Memo Authorized Depository Institutions Nov 2025
3. Resolution
Page 77 of 525
THE CITY OF
DUB E
Masterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Authorized Depository Institutions
DATE: October 27, 2025
Dubuque
AI -America City
II
2007 • 2012 •2013
Chief Financial Officer Jennifer Larson requests City Council approval of a resolution that
increases the depository limit of banks to $80 million and $60 million to correspond with
current certificate of deposit activity and bank balances, and updates Dubuque Bank and
Trust (DB&T) UMB Bank, n.a. due to the bank merger. Additionally Vibrant bank has been
removed, and Hometown Bank has been updated to Bank First with a maximum balance
of $1 million. The Bank First account is for ambulance activity and will be closed in the
coming months as this activity has moved to UMB Bank, n.a.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
— L/�—Z'V—W— "An�'
Michael C. Van Millige�hn
MCVM: bd/sv
Attachment
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Jennifer Larson, Chief Financial Officer
Brian DeMoss, Finance Manager
Page 78 of 525
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: October 27, 2025
INTRODUCTION
Dubuque
AI -America City
II
2007 • 2012 •2013
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 bank limits to $80 million and $60 million to
correspond with current certificate of deposit activity and bank balances. Updates
Dubuque Bank and Trust (DB&T) updates to UMB Bank, n.a. due to the bank merger.
Additionally Vibrant bank has been removed, and Hometown Bank has been updated to
Bank First with a maximum balance of $1 million. The Bank First account is for ambulance
activity and will be closed in the coming months as this activity has moved to UMB.
ACTION
The action step is for the City Council to adopt the attached resolution approving an
increase to the limits to $80 million and $60 million.
JML
Enclosures
Page 79 of 525
Prepared by Crenna Brumwell, City Attorney, 300 Main Street Suite 330 Dubuque IA 52001 (563)589-4381
Return to Adrienne N. Breitfelder City Clerk City of Dubuque, 50 W. 13th St. Dubuque, IA 52001 (563)589-4100
RESOLUTION NO. 350-25
RESOLUTION NAMING DEPOSITORY INSTITUTIONS AND SETTING LIMITS FOR
DEPOSITS
WHEREAS, Iowa Code Chapter 12C.2 states that approval of a financial institution
as a depository shall be by written resolution or order which shall be entered into the
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:
The following financial institutions are approved to be depository institutions up to the
listed amounts for the City of Dubuque, Iowa in conformance with all applicable provisions
of Chapter 12C of the Iowa Code and the City Treasurer is hereby authorized to deposit
City of Dubuque funds at each institution up to the maximum amount approved for each.
Depository Name
Home Office Location
Maximum Balance
DuTrac Community Credit Union
Dubuque, Iowa
$80,000,000
Iowa Public Agency Investment Trust
West Des Moines, Iowa
$80,000,000
MidWestOne Bank
Iowa City, Iowa
$80,000,000
UMB Bank, n.a.
Kansas City, Missouri
$80,000,000
Capra Bank
Dubuque, Iowa
$60,000,000
Collins Community Credit Union
Cedar Rapids, Iowa
$60,000,000
Du aco Community Credit Union
Dubuque, Iowa
$60,000,000
Fidelity Bank & Trust
Dyersville, Iowa
$60,000,000
Green State Credit Union
North Liberty, Iowa
$60,000,000
Premier Bank
Dubuque, Iowa
$60,000,000
U.S. Bank
Minneapolis, Minnesota
$60,000,000
Bank First
Fond du Lac, Wisconsin
$1,000,000
Passed, adopted and approved this 3rd day of November 2025.
C�-- Z� �-
Brad M. nagh, Mayor
Attest:
Adrienne N. Breitfelder, City Clerk