HomeMy WebLinkAboutResolution No. 008-15• 008-15 D13
RESOLUTION
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, 2014, and ending on December 31, 2014:
US Bank Rochester
Wells Fargo Bank Rochester
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.
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• 008-15
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS 5th DAY OF JANUARY 2015.
PRESIDENT SAID COMMON COUNCIL
ATTEST: A, , S &"
CITY CLERK
APPROVED THIS 6th. DAY OF JANUARY , 2015.
MAYOR OF SAID CITY
Res OVWdopt.Deposit 14a
D13