Authorzied Depository InstitutionsDubuque
THE CITY OF
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Masterpiece on the Mississippi
2007
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Authorized Depository Institutions
DATE: May 27, 2009
Finance Director Ken TeKippe is recommending approval of a depository resolution for
BBVA Compass in relation to the deposits for dog and cat licenses by Pet Data, Inc.
concur with the recommendation and respectfully request Mayor and City Council
approval.
Mi hael C. Van Milligen
MCVM/jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Kenneth J. TeKippe, Finance Director
THE CITY OF Dubuque
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Masterpiece on the Mississippi
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TO: Michael C. Van Milligen, City Manager
FROM: Kenneth J. TeKippe, Finance Director '~,,,~, ~'`
SUBJECT: Authorized Depository Institutions
DATE: May 27, 2009
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 establishes the maximum balance for BBVA
Compass. The bank has a branch in Irving Texas and will be used to deposit funds
collected for dog and cat licenses by PetData, Inc. A contract to utilize PetData to
collect dog and cat licenses was approved at the November 17, 2008 City Council
meeting. Monthly, the account will deposit collections for licenses with monthly fees will
be deducted and the balance transferred to the City. Accordingly, the balance in the
account should never exceed $100,000. PetData initially preferred using First Bank
since it was the primary bank used for their customers. At this time, PetData requests
changing banks to BBVA Compass. First Bank will be closing their Irving branch on
June 26. Our other current approved depositories do not have a branch in Irving,
Texas. According to PetData, the selection of BBVA was based on reduced banking
fees, convenient location, earnings credit rate and banks strength. BBVA Compass is
among the 25 largest banks in the United States and the fourth largest in Texas. The
most recent change to our authorized depository institutions was in December 2008
when First Bank was added.
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.
KT/jg
Enclosure
RESOLUTION NO. 180-09
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
Location of Home Office
Maximum Balance
American Trust & Savings Bank
Dubuque Bank & Trust Company
U.S. Bank
Dupaco Community Credit Union
Premier Bank
East Dubuque Savings Bank
Liberty Bank
State Central Bank
BBVA Compass
Dubuque, Iowa
Dubuque, Iowa
Minneapolis, Minnesota
Dubuque, Iowa
Dubuque, Iowa
Dubuque, Iowa
Des Moines, Iowa
Keokuk, Iowa
Birmingham, Alabama
Passed, approved and adopted this 1St day of June, 2009.
$40,000,000
$40,000,000
$40,000,000
$20,000,000
$20,000,000
$20,000,000
$20,000,000
$20,000,000
$ 100,000
Joyce E. Connors, Mayor Pro-Tem
Attest:
Jeanne F. Schneider, City Clerk