Depository Places Banks etc.MEMORANDUM
Januaw 12,2004
TO:
FROM:
SUBJECT:
The Honorable Mayor and City Council Members
Michael C. Van Milligen, City Manager
Authorized Depository Institutions
Finance Director Ken TeKippe is recommending City Council approval to add State
Central Bank as a potential depository. This will allow State Central Bank to accept
municipal utility payments and bid on City of Dubuque certificates of deposit.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Michael C. Van Milligen
MCVM/jh
Attachment
cc: Barry Lindahl, Corporation Counsel
Cindy Steinhauser, Assistant City Manager
Kenneth J. TeKippe, Finance Director
TO:
FROM:
SUBJECT:
DATE:
CITY OF DUBUQUE, IOWA
MEMORANDUM
Michael C. Van Milligen, City Manager
Kenneth J. TeKippe, Finance Director
Authorized Depository Institutions
January 6, 2004
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 amount is changed, or if a financial institution is
added or deleted.
DISCUSSION
The attached depository resolution adds State Central Bank as a potential depository.
State Central Bank, whose home office is in Keokuk, Iowa, recently opened a branch
bank office in Dubuque and are a full service bank as of January 5, 2004. A bank
representative has requested that municipal utility payments be accepted at their
institution and that the bank also be allowed to bid on City of Dubuque certificates of
deposit. The back of utility bills indicates that payments can be made at City Hall or any
local bank.
Based on the request, information indicated on the utility bill, and the potential to utilize
an additional local financial institution, I recommend including State Central Bank as an
authorized depository institution.
ACTION
Please present the attached resolution to the City Council for consideration of approvall
if there are any questions on the resolution please contact me. Thank you for your
assistance.
KT/jg
Enclosure ~
RESOLUTION NO. 23-04
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 wdtten 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
Premier Bank
East Dubuque Savings Bank
Liberty Bank
State Central Bank
Location of Home Office
Dubuque, Iowa
Dubuque, Iowa
Minneapolis, Minnesota
Dubuclue, iowa
Dubuque, Iowa
East Dubuque, Illinois
Des Moines, Iowa
Keokuk, Iowa
Maximum Balance
$40,000,000
$40,000,000
$20,000,000
$20,000,000
$20,000,000
$20,00~,000
$20,000,000
$20,000,000
Passed, approved and adopted this
Jeanne F. Schneider, City Clerk
19th day of January
,2004.
Terrance M. Duggan, Mayor