Depositories named - City fundsMEMORANDUM
May 1, 2002
TO:
FROM:
SUBJECT:
The Honorable Mayor and City Council Members
Michael C. Van Milligen, City Manager
Authorized Depository Institutions
Finance Director Ken TeKippe recommends that a resolution be approved changing the
name of the depository from Firstar Bank to U.S. Bank with a home office of
Minneapolis, Minnesota, due to the recent name change.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Michael C. Van Milligen
MCVM/jh
Attachment
cc: Barry Lindahl, Corporation Counsel
Cindy Steinhauser, Assistant City Manager
Kenneth J. TeKippe, Finance Director
Finance Department
50 West 13th Street
Dubuque, Iowa 52001-4864
TO:
FROM:
SUBJECT:
DATE:
Michael C. Van Milligen, City Manager
Kenneth J. TeKippe, Finance Director
Authorized Depository Institutions
May 1, 2002
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 amount is changed, or if a financial institution is
added or deleted.
DISCUSSION
The attached depository resolution changes a depository from Firstar Bank to U.S. Bank
with a home office of Minneapolis, Minnesota due to the recent name change.
ACTION
Please present the attached resolution to the City Council for consideration of approval.
If there are any questions on the resolution please contact me. Thank you for your
assistance.
Attachment
Service People Integrity Responsibility Innovation Teamwork
Preparer: Ken TeKippe Address: 50 W. 13th Street Telephone: 589-4133
RESOLUTION NO. 238-02
RESOLUTION NAMING DEPOSITORIES
Whereas, Chapter 12C.2 of the 2201 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
2001 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
American Trust & Savings Bank
Dubuque Bank & Trust Company
U.S. Bank
Dupaco Community Credit Union
Premier Bank
East Dubuque Savings Bank
Liberty Bank
Location of Home Office
Dubuque, Iowa
Dubuque, Iowa
Minneapolis, Minnesota
Dubuque, Iowa
Dubuque, Iowa
East Dubuque, Illinois
Des Moines, Iowa
Maximum Balance
$40,000,000
$40,000,000
$20,000,000
$20,000,000
$20,000,000
$20,O00,000
$20,000,000
Passed, approved and adopted this 6th day of May,
,2002.
Terrance M. Duggan, Mayor
Attest:
Jeanne F. Schneider, City Clerk