HomeMy WebLinkAboutResolution No. 002-22 - Resolution – 2022 Designation of Depositories
RESOLUTION
Adopting the 2022 Designation of Depositories.
BE IT RESOLVED by the Common Council of the City of Rochester that, pursuant to Minn. Stat.
§118A.02, subd. 1(a), the following financial institutions, authorized to do business in Minnesota, are
hereby designated as depositories of the public funds of the City of Rochester, Minnesota, for the
term beginning on January 1, 2022, and ending on December 31, 2022:
US Bank Rochester
Wells Fargo Bank Rochester
Principal Financial Group
BE IT FURTHER RESOLVED that this designation is subject to the following terms and conditions:
1. The City of Rochester reserves the right to modify, vacate, or revoke this resolution as
permitted by law.
2. To the extent that funds on deposit at the close of the financial institution’s banking day
exceed available federal deposit insurance, the City requires the financial institution to furnish
collateral security or a corporate surety bond executed by a company authorized to do
business in Minnesota. The provisions of Minn. Stat. §118A.03 apply to the collateral security
or corporate surety bond provided by the financial institution.
3. The financial institutions shall pay on demand all deposits subject to payment on demand,
with accrued interest, and pay on demand all time deposits, with accrued interest, at or after
the end of the periods for which the same shall be deposited.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS __________ DAY OF _______________, 2022.
___________________________________
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: __________________________
CITY CLERK
APPROVED THIS _____ DAY OF ______________________, 2022.
___________________________________
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)