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
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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
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AII-America City
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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