Depository Resolution Change for MidWestOne Bank Copyrighted
July 15, 2019
City of Dubuque Consent Items # 6.
ITEM TITLE: Depository Resolution Change for MidWestOne Bank
SUMMARY: City Manager recommending approval of a resolution that
changes American Trust& Savings Bank to MidWestOne
Bank as an authorized depository institution for the City of
Dubuque.
RESOLUTION Naming Depositories
SUGGESTED DISPOSITION: Suggested Disposition: Receiveand File;Adopt
Resolution(s)
ATTACHMENTS:
Description Type
MVM Memo City Manager Memo
Staff Memo Staff Memo
Resolution Resolutions
THE CITY OF Dubuque
�
AIFA�erlwGh
UB E '�� III►
Masterpiece on the Mississippi Z°°'�w'2
7A13 2017
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Authorized Depository Institutions
DATE: July 9, 2019
Director of Finance and Budget Jennifer Larson requests City Council approval of a
resolution that changes American Trust & Savings Bank to MidWestOne Bank as an
authorized depository institution for the City of Dubuque.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
/ ! � �W�, i�.t�`
Mic ael C. Van Milligen �� �
MCVM:jml
Attachment
cc: Crenna Brumwell, City Attorney
Teri Goodmann, Assistant City Manager
Cori Burbach, Assistant City Manager
Jennifer Larson, Director of Finance and Budget
Jennifer Raber, Finance Manager
Dubuque
THE CITY OF �
All•America City
U B E ��o�����,.�,��
� � ��►
Maste iece on the Mississi i z°°'*2°12�z°13
�P pp zoi�*zoi9
TO: Michael C. Van Milligen, City Manager
FROM: Jennifer Larson, Director of Finance and Budget
SUBJECT: Authorized Depository Institutions
DATE: July 9, 2019
INTRODUCTION
Chapter 12C.2 of the Code of lowa 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 changes American Trust & Savings Bank to
MidWestOne as an authorized depository institution. MidWestOne Bank purchased
ATBancorp, the parent company of American Trust & Savings Bank and American Bank
& Trust-Wisconsin.
ACTION
I respectfully recommend the adoption of the enclosed resolution.
JML
Attachment
cc: Crenna Brumwell, City Attorney
Teri Goodmann, Assistant City Manager
Cori Burbach, Assistant City Manager
Jennifer Raber, Finance Manager
RESOLUTION NO. 253-19
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
MidWestOne Bank
Dubuque Bank & Trust Company
Collins Community Credit Union
U.S. Bank
Fidelity Bank & Trust
DuTrac Community Credit Union
Vibrant Credit Union
Dupaco Community Credit Union
Premier Bank
East Dubuque Savings Bank
Hometown Bank
Attest:
Location of Home Office
Iowa City, Iowa
Dubuque, Iowa
Cedar Rapids, Iowa
Minneapolis, Minnesota
Dyersville, Iowa
Dubuque, Iowa
Moline, Iowa
Dubuque, Iowa
Dubuque, Iowa
Dubuque, Iowa
Fond du Lac, Wisconsin
Passed, approved and adopted this 15th day of July 2019
vin S. Firnstahl, ity Clerk
Maximum Balance
$60,000,000
$60,000,000
$50,000,000
$40,000,000
$40,000,000
$30,000,000
$30,000,000
$20,000,000
$20,000,000
$20,000,000
$ 250,000
Roy D. Bugt Mayor