Authorized Depository InstitutionsCopyrighted
October 16, 2017
City of Dubuque Consent Items # 5.
ITEM TITLE: Authorized Depository Institutions
SUMMARY: City Manager recommending approval of a resolution
increasing the maximum authorized balance at DuTrac
Community Credit Union.
RESOLUTION Naming Depositories
SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Adopt
Resolution(s)
ATTACHMENTS:
Description Type
Authorized Depository I nstitutions-MVM Memo City Manager Memo
Staff Memo Staff Memo
Resolution Resolutions
THE CITY OF
Dui
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 9, 2017
Dubuque
bell
All -America City
'1Il1'
2007 • 2012 • 2013 • 2017
Finance Director Jean Nachtman recommends City Council approval of a resolution
increasing the maximum authorized balance at DuTrac Community Credit Union from
$20 million to $30 million. DuTrac continues to submit the most favorable interest rates
on certificates of deposit and investment of bond proceeds.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
[7M/ha krtn,
Michael C. Van Milligen
MCVM:jh
Attachment
cc: Crenna Brumwell, City Attorney
Teri Goodmann, Assistant City Manager
Cori Burbach, Assistant City Manager
Jean M. Nachtman, Finance Director
THE CITY OF
Dui
Masterpiece on the Mississippi
TO: Michael C Van MI!Iigen, City Manager
FROM: Jean M Nachtman, Finance Director
SUBJECT: Authorized Depository Institutions
DATE: October 3, 2017
INTRODUCTION
Dubuque
bitil
II -America City
l r
2007 • 2012 • 2013 • 2017
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 resolution increases the maximum balance for DuTrac Community Credit
Union The increase is requested to allow additional City funds to be deposited in
DuTrac Community Credit Union The bank continues to submit the most favorable
interest rates on certificates of deposit and investment of bond proceeds The approval
of the request allows the City to invest up to $30 Million with DuTrac Community Credit
Union, up from $20 Million
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
Enclosure
RESOLUTION NO. 339-17
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
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 16th day of Ocober, 2017.
Attest:
71
Kevin . Firnstahi, City Clerk
Maximum Balance
$60,000,000
$60,000,000
$40,000,000
$20,000,000
$30,000,000
$20,000,000
$20,000,000
$40,000,000
$ 100,000
$ 250,000
4-ri/
Roy D. tiol, Mayor