HomeMy WebLinkAboutResolution No. 031-12 iy
R E S O L U T I O N
BE IT HEREBY RESOLVED, that the following Banks, and thrift
institutions, authorized to do business in Minnesota, be and hereby are
designated depositories of the public funds of the City of Rochester,
Minnesota, for the term commencing with the First day of January, 2012,
and ending with the Thirty-first day of December, 2012 to-wit:
US Bank Rochester
Wells Fargo Bank Rochester
Upon the terms and conditions following to-wit:
That this designation is subject to the right of said City of
Rochester to modify, vacate, and revoke the same according to law:
Provided however, that said depositor be in accordance with
Minnesota Statutes, Section 118 .01 as amended, in regard to insurance as
provided by the Federal Deposit Insurance Corporation (FDIC) for non-
interest bearing accounts as provided by Section 343 of the Dodd-Frank
Wall Street Reform and Consumer Protection Act; provide a surety bond
for an amount 1106 of the value of deposits; in lieu of such bonds,
assign to said City of Rochester and deposit securities authorized by
law for the purpose in a total amount, computed at their market value,
of at least ten percent more than said aggregate limit less $250, 000 to
be deposited there in any one time for any interest bearing accounts;
and that it may, at its discretion, furnish both surety bonds and
deposit such collateral securities aggregating such amount, upon
approval of said City of Rochester, in which case such collateral
securities shall not be withdrawn without consent of the surety on such
• surety bond,
That said depositories will provide a surety bond or collateral
for any account for which it pays interest at such rate or rates, if
any, per annum as may be mutually agreed upon by the City of Rochester
and the respective depository at the time such deposits are made.
That said depositories shall pay on demand all deposits therein
subject to payment on demand, with accrued interest, and pay on demand
all time deposits therein, 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 18th day of January, 12
Ydent of said Com
Attest: n Council
City tlerk
Mayor of said City
•
Approved this 19Pt day of 2012 .
(Seal of the City of Rochester, Minnesota)