Authorized Depository Institutions_Adding Frost Bank Copyrighted
August 7, 2017
City of Dubuque Consent Items # 25.
ITEM TITLE: Authorized Depository Institutions
SUMMARY: City Manager approval of a resolution that adds Frost Bank
as an authorized depository institution, replacing BBVA
Compass as the depositor for licensing fees collected by
PetData, Inc.
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 -Augusut 2017 Depository Staff Memo
Resolution Naming Depositories Resolutions
THE COF Dubuque
DtUB
E All-America
City
Masterpiece on the Mississippi 1 1 1 1"
2009•2012•2013•2019
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Authorized Depository Institutions
DATE: July 31, 2017
Finance Director Jean Nachtman recommends City Council approval of a resolution that
adds Frost Bank as an authorized depository institution, replacing BBVA Compass as
the depositor for licensing fees collected by PetData, Inc. PetData, Inc. has requested
moving to Frost Bank to save on banking fees. PetData, Inc. will deposit daily
payments into Frost Bank and at the end of the month transfer funds to the City. The
balance of the account will never exceed $100,000.00.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Mic ael C. Van Milligen
MCVM:jh
Attachment
cc: Crenna Brumwell, City Attorney
Teri Goodmann, Assistant City Manager
Jean M. Nachtman, Finance Director
THE CITY OF Dubuque
AII-Ame1 rica Ciiy
DUB3 &k-E- r
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: July 28, 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 Frost Bank as an authorized depository
institution, replacing BBVA Compass as the depositor for licensing fees collected by
PetData, Inc. PetData, Inc. has requested moving to Frost Bank to save on banking
fees. PetData, Inc. will deposit daily payments into Frost Bank and at the end of the
month and transfer funds to the City. The balance of the account will never exceed
$1001000.00.
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.
J N/cm
Enclosures
RESOLUTION NO. 278-17
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
Frost Bank
Hometown Bank
Attest:
Location of Home Office
Dubuque, Iowa
Dubuque, Iowa
Minneapolis, Minnesota
Dubuque, Iowa
Dubuque, Iowa
Dubuque, Iowa
Dubuque, Iowa
Dyersville, Iowa
San Antonio, Texas
Fond du Lac, Wisconsin
Passed, approved and adopted this 7th day of Augu, t 2017.
Kevin . Firnstahl, G ity Clerk
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
Roy D. Bu; Mayor