Authorized Depository Institutions Copyright 2014
City of Dubuque Consent Items # 5.
ITEM TITLE: Authorized Depository Institutions
SUMMARY: City Manager recommending approval of a resolution
adding DuTrac Community Credit Union as an authorized
depository institution for the City of Dubuque, which will
allow DuTrac to bid on City of Dubuque checking, savings,
money market or certificate of deposit accounts.
RESOLUTION Naming Depositories
SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Adopt
Resolution(s)
ATTACHMENTS:
Description Type
Authorized Depository Institutions-MVM Memo City Manager Memo
Staff Memo Staff Memo
Resolution Resolutions
DuTrac Letter Resolutions
THE CITY OF Dubuque
DUB E i"
Masterpiece on the Mississippi 2007.2012.2013
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Authorized Depository Institutions
DATE: February 13, 2017
Finance Director Jean Nachtman recommends City Council approval of a resolution
adding DuTrac Community Credit Union as an authorized depository institution for the
City of Dubuque, which will allow DuTrac to bid on City of Dubuque checking, savings,
money market or certificate of deposit accounts.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
v
Mic ael C. Van Milligen
MCVM:jh
Attachment
cc: Crenna Brumwell, City Attorney
Cindy Steinhauser, Assistant City Manager
Teri Goodmann, Assistant City Manager
Jean M. Nachtman, Finance Director
THE CITY OF Dubuque
AII111-America CiI.iy
UBk-E- 1
Masterpiece on the Mississippi 2007-2012-2013
TO: Michael C. Van Milligen, City Manager
FROM: Jean M. Nachtman, Finance Director
SUBJECT: Authorized Depository Institutions
DATE: February 6, 2017
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 adds DuTrac Community Credit Union as an
authorized depository institution. Andrew Hawkinson, President and CEO requested
that DuTrac be allowed to bid on City of Dubuque checking; savings; money market or
certificate of deposit accounts.
DuTrac currently works with several eastern Iowa cities as a depository of public funds
and would welcome the opportunity to work with the City of Dubuque.
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.
JN/eml
Enclosures
RESOLUTION NO. 55-17
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
DuTrac Community Credit Union
Premier Bank
East Dubuque Savings Bank
Fidelity Bank & Trust
BBVA Compass
Hometown Bank
Attest:
Location of Home Office
Dubuque, Iowa
Dubuque, Iowa
Minneapolis, Minnesota
Dubuque, Iowa
Dubuque, Iowa
Dubuque, Iowa
Dubuque, Iowa
Dyersville, Iowa
Birmingham, Alabama
Fond du Lac, Wisconsin
Passed, approved and adopted this 20th day of Febr
Kein S. Firnstahl, Tity Clerk
2017.
Roy D. Buo/layor
Maximum Balance
$60,000,000
$60,000,000
$40,000,000
$20,000,000
$20,000,000
$20,000,000
$20,000,000
$40,000,000
$ 100,000
$ 250,000
fDuTracc
COf11/111If1%ty Credit Union
January 27, 2017
City of Dubuque
Attn: Jean Nachtman — Finance Director
50 W. 13th Street
Dubuque, IA 52001
Dear Ms. Nachtman:
DuTrac Community Credit Union (DuTrac) would like to have its organization recognized
and approved by the City of Dubuque as a financial institution, in conformance with
applicable provisions of the Iowa Code Chapters 12B and 12C of the current code, to be
a depository of Dubuque County public funds.
DuTrac currently works with several eastern Iowa cities as a depository of public funds
and would welcome the opportunity to work with the City of Dubuque.
If there is a formal process or application that is required to become a depository for public
funds, I would welcome the exchange of information so that we can be considered.
With and upon your approval, notification of public funds available to be bid on should be
sent to the attention of the following:
DuTrac Community Credit Union
Attn: Andrew Hawkinson, President and CEO
3465 Asbury Road
Dubuque, IA 52004
Or via email: ahawkinson@dutrac.org
Thank you for your consideration.
Sincerely,
c�
Andrew Hawkinson
President and CEO
e
NCUA
Main Office:3465 Asbury Road P.O.Box 3250 Dubuque,Iowa 52004-3250 EQUAL 2HOUNG
L E N D E R
DUBUQUE I DYERSVILLE I ELDRIDGE I MAQUOKETA I MONTICELLO I QUAD CITIES I P: (563)582.1331 1 TF: (800)475.1331
dutrac.org