HomeMy WebLinkAboutResolution No. 020-16 (a) - 2016FinancialDepositoriesRESOLUTION
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, 2016, and ending on December31, 2016:
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.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS
ATTEST:
DAY OF , 2016.
PRESIDENT OF SAID COMMON COUNCIL
CITY CLERK
APPROVED THIS DAY OF
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
2016.
Res 15Wdopt\Deposit16a