Authorized Depository InstitutionsMasterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Authorizing Depository Institutions
DATE: May 30, 2012
Dubuque
bierd
All-America City
1
2007
Finance Director Ken TeKippe recommends City Council approval of a resolution
increasing the maximum balance of City funds allowed to be deposited in Dubuque
Bank and Trust to $60,000,000.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Michael C. Van Milligen
MCVM:jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Kenneth J. TeKippe, Finance Director
Masterpiece on the Mississippi
TO Michael C Van Milligen, City Manager
FROM Kenneth J TeKippe, Finance Director
DATE May29,2012
SUBJECT Authorized Depository Institutions
Dubuque
had
NI- America City
'I 1 1 I'
2007
INTRODUCTION
Chapter 12C 2 of the Code of Iowa states that a public entity shall enter into the minutes of as governing body, by resolution
or wntten 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 Dubuque Bank and Trust The increase is requested to allow
additional City funds to be deposited in Dubuque Bank and Trust The bank continues to submit the most favorable interest
rates on certificates of deposit and investment of bond proceeds City will receive proceeds of approximately $14,000,000 for
Series 2012 C and D bond issues in late June Should Dubuque Bank and Trust be successful in quoting a rate to the City
this resolution would allow the funds to be invested with them Presently local financial institutions are not overly interested in
holding City funds due to their loan demands or opportunity to invest funds short -term to provided desired margin The
approval of the request allows the City to invest up to $60,000,000 with Dubuque Bank and Trust, up from $40,000,000 The
most recent change to our authorized depository institutions was in June 2009 when BBVA Compass was added for
collecting pet licenses
ACTION TO BE TAKEN
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
Prepared by
KT /eml
Enclosure
RESOLUTION NO. 135 -12
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
Premier Bank
East Dubuque Savings Bank
Liberty Bank
State Central Bank
BBVA Compass
Attest:
Location of Home Office Maximum Balance
Dubuque, Iowa
Dubuque, Iowa
Minneapolis, Minnesota
Dubuque, Iowa
Dubuque, Iowa
Dubuque, Iowa
Des Moines, Iowa
Keokuk, Iowa
Birmingham, Alabama
Passed, approved and adopted this 4th day of June, 2012.
"'Ale 4' As
Kevin Fi nstahl, City lerk
$40,000,000
$60,000,000
$40,000,000
$20,000,000
$20,000,000
$20,000,000
$20,000,000
$20,000,000
$ 100,000
Roy D. uol, Mayor