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Authorized Depository Institutions Copyright 2014 City of Dubuque Consent Items # 5. ITEM TITLE: Authorized Depository Institutions SUMMARY: City Manager recommending approval of a Resolution adding Fidelity Bank & Trust as an authorized depository, which will allow Fidelity Bank to bid on City of Dubuque checking, savings, money market or certificate of deposit accounts. It is also recommended to increase the amount of City funds that can be invested in American Trust & Savings Bank. RESOLUTION Naming Depositories SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Adopt Resolution(s) ATTACHMENTS: Description Type ❑ Authorized Depository Institutions-MVM Memo City Manager Memo ❑ Staff Memo Staff Memo ❑ Resolution Staff Memo THE CITY OF Dubuque UBE I erica .i Masterpiece on the Mississippi 2007-2012-2013 TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: Authorized Depository Institutions DATE: April 28, 2015 Finance Director Ken TeKippe recommends City Council approval of a Resolution adding Fidelity Bank & Trust as an authorized depository, which will allow Fidelity Bank to bid on City of Dubuque checking, savings, money market or certificate of deposit accounts. It is also recommended to increase the amount of City funds that can be invested in American Trust & Savings Bank from $40,000,000 to $60,000,000. American Trust continues to submit the most favorable interest rates on certificates of deposit and investment of bond proceeds. I concur with the recommendation and respectfully request Mayor and City Council approval. Micliael C. Van Milligen MCVM:jh Attachment cc: Barry Lindahl, City Attorney Cindy Steinhauser, Assistant City Manager Teri Goodmann, Assistant City Manager Kenneth J. TeKippe, Finance Director THE CITY OF Dubuque kylftyl AII-America City )UB3 &k1E r Masterpiece on the Mississippi 2007.2012.2013 TO: Michael C. Van Milligen, City Manager FROM: Kenneth J. TeKippe, Finance Director SUBJECT: Authorized Depository Institutions DATE: April 29, 2015 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 Fidelity Bank & Trust as a potential depository. Fidelity Bank & Trust home office is in Dyersville, Iowa with a branch bank office in Dubuque. A bank representative requested that the bank be allowed to bid on City of Dubuque checking; savings; money market or certificate of deposit accounts. I recommend including Fidelity Bank & Trust as an authorized depository institution. The attached resolution also increases the maximum balance for American Trust & Savings Bank. The increase is requested to allow additional City funds to be deposited in American Trust & Savings Bank. The bank continues to submit the most favorable interest rates on certificates of deposit and investment of bond proceeds. City should receive proceeds of approximately $25,000,000 in June. The approval of the request allows the City to invest up to $60,000,000 with American Trust & Savings Bank, up from $40,000,000. Liberty Bank and State Central Bank were deleted as authorized depository institutions since they no longer have branches in Dubuque that accept deposits. 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/em I Enclosure RESOLUTION NO. 141-15 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 Fidelity Bank & Trust BBVA Compass Location of Home Office Dubuque, Iowa Dubuque, Iowa Minneapolis, Minnesota Dubuque, Iowa Dubuque, Iowa Dubuque, Iowa Dyersville, Iowa Birmingham, Alabama Passed, approved and adopted this 4th day of May, 2015. Attest: Kevin S Firnstahl, city 0€1-k' Maximum Balance $60,000,000 $60,000,000 $40,000,000 $20,000,000 $20,000,000 $20,000,000 $20,000,000 $ 100,000 oy D. Buol, Mayor