Depositories named - City fundsMEMORANDUM
January 14, 2002
TO:
FROM:
SUBJECT:
The Honorable Mayor and City Council Members
Michael C. Van Milligen, City Manager
Authorized Depository Institutions
Due to the fact that certificate of deposit rates are currently higher than interest rates for
U.S. Treasuries, Finance Director Ken TeKippe is recommending that the maximum
balance be increased from $15,000,000 to $20,000,000 for Firstar Bank N.A., Dupaco
Community Credit Union, Premier Bank, East Dubuque Savings Bank and Liberty Bank.
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
CITY OF DUBUQUE, IOWA
MEMORANDUM
TO:
FROM:
SUBJECT:
DATE:
Michael C. Van Milligen, City Manager
Kenneth J. TeKippe, Finance Director
Authorized Depository Institutions
January 9, 2002
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 increases the maximum balance from $15,000,000
to $20,000,000 for Firstar Bank N.A., Dupaco Community Credit Union, Premier Bank,
East Dubuque Savings Bank, and Liberty Bank. Since interest rates for U.S. Treasuries
have not been as high as certificates of deposit rates in recent months, additional funds
have been invested in certificates of deposits. Liberty Bank has continued to provide
favorable rates to the City via competitive bids. Based on the City's current investment
in certificates of deposit approaching $15,000,000 with Liberty Bank, I recommend
increasing the maximum balance for Liberty Bank and other financial institutions.
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.
Attachment
Preparer: Ken TeKippe Address: 50 W. 13th Street Telephone: 589-4133
RESOLUTION NO. 19-02
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
Firstar Bank N.A.
Dupaco Community Credit Union
Premier Bank
East Dubuque Savings Bank
Liberty Bank
Location of Home Office
Dubuque, Iowa
Dubuque, Iowa
Milwaukee, Wisconsin
Dubuque, Iowa
Dubuque, Iowa
East Dubuque, Illinois
Des Moines, Iowa
Maximum Balance
$40,000,000
$40,000,000
$20,000,000
$20,000,000
$20,000,000
$20,000,000
$20,000,000
Passed, approved and adopted this 21st day of January, 2002.
Ann E. Michalski, Mayor Pro-Tem
Attest:
Jeanne F. Schneider, City Clerk