HomeMy WebLinkAboutResolution No. 030-12 j
R E S O L U T I O N
• BE IT RESOLVED by the Common Council of the City of Rochester, Minnesota:
THAT WHEREAS, the United States Congress has passed the Dodd-Frank Wall
Street Reform and Consumer Protection Act,
AND WHEREAS, Section 343 of said act provides for unlimited deposit
insurance provided by the Federal Deposit Insurance Corporation (FDIC) for
non-interest bearing accounts through December 31, 2012,
AND WHEREAS, the final rules of Section 343 were published in the Federal
Register, Volume 75, No. 219, dated November 15, 2012,
AND WHEREAS, the City of Rochester bank accounts with Wells Fargo Bank,
N.A. were changed to non-interest bearing accounts, in October, 2011,
SO THEREFORE, be it resolved by the Common Council of the City of Rochester,
Minnesota:
That the said deposit insurance provided by FDIC will replace collateral
or depository bond previously required of Wells Fargo Bank, commencing with
the First day of January, 2012, and ending with the Thirty-first day of
December, 2012 .
Be it further resolved by the said Common Council: that the Treasurer of
said City is hereby authorized and directed to execute the proper papers
necessary to insure the City of Rochester bank deposits held by Wells Fargo
• Bank, N.A. , as approved by the Common Council on January 18, 2012, pursuant to
the resolution approved and accepting the said insurance, passed and adopted
January 18, 2012 .
Passed and adopted by the Common Council f the City of Rochester,
Minnesota, this 18th day of January, 2012 .
P i t of said Com4Kn ouncil
A-
Attest: v
City Clerk
Approved this 197* day of (� 11/fi* 2012 .
r
Mayor of said City
(Seal of the City of Rochester, Minnesota)