Authorized Depository Institutions Copyright 2014
City of Dubuque Consent Items # 11.
ITEM TITLE: Authorized Depository Institutions
SUMMARY: City Manager recommending approval of a resolution increasing the
maximum balance allowed at Fidelity Bank and Trust.
RESOLUTION Naming Depositories
SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Adopt Resolution(s)
ATTACHMENTS:
Description Type
❑ Authorized Depository Institutions-MVM Memo City Manager Memo
❑ Authorized Depository Institutions Staff Memo
❑ Resolution Resolutions
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: September 22, 2015
Finance Director Ken TeKippe recommends City Council approval of a resolution
increasing the maximum balance allowed at Fidelity Bank and Trust from $20,000,000
to $40,000,000.
1 concur with the recommendation and respectfully request Mayor and City Council
approval.
Mic ael 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 MY OF Dubuque
UB E
DMilcftr
Masterpiece on the Mississippi2W.p,,.,m,
TO: Michael C. Van Milligen, City Manager
FROM: Kenneth J. TeKippe, Finance Director
SUBJECT: Authorized Depository Institutions
DATE: September 21, 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 balance is changed, or if a financial institution is
added or deleted.
DISCUSSION
The attached resolution increases the maximum balance for Fidelity Bank and Trust.
The increase is requested to allow additional City funds to be deposited in Fidelity Bank
and Trust. Fidelity Bank and Trust is acquiring East Dubuque Savings Bank in early
December so the funds currently invested with East Dubuque Savings Bank will be
considered Fidelity Bank and Trust investments at that time. The bank has recently
submitted favorable interest rates on certificates of deposit and bond proceeds invested.
In addition, City will receive proceeds of additional bond issues later this year. Should
Fidelity Bank and Trust be successful in providing a rate to the City this resolution would
allow the funds to be invested with them. The approval of the request allows the City to
invest up to $40,000,000 with Fidelity Bank and Trust, up from $20,000,000. The most
recent change to our authorized depository institutions was in September 2015 when
Hometown Bank was added for collecting ambulance fees.
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/eml
Enclosure
RESOLUTION NO. 332-15
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
Hometown Bank
Attest:
Location of Home Office
Dubuque, Iowa
Dubuque, Iowa
Minneapolis, Minnesota
Dubuque, Iowa
Dubuque, Iowa
Dubuque, Iowa
Dyersville, Iowa
Birmingham, Alabama
Fond du Lac, Wisconsin
Passed, approved and adopted this 5th day of October,
Kevir4S. Firnstahl, CiClerk
Maximum Balance
$60,000,000
$60,000,000
$40,000,000
$20,000,000
$20,000,000
$20,000,000
$40,000,000
$ 100,000
$ 250,000
015.
Roy D. Buol, fg'layor