HomeMy WebLinkAbout5I - Resolution Designating Investment and Banking Authority
tili_[,)..,o~ PR~
'""" 1Ii~\ 4646 Dakota Street S.E.
u ~ Prior Lake, MN 55372-1714
n,
~
MEETING DATE:
AGENDA #:
PREPARED BY:
AGENDA ITEM:
DISCUSSION:
ISSUES:
FINANCIAL
IMPACT:
ALTERNATIVES:
CITY COUNCIL AGENDA REPORT
October 20, 2008
51
Jerilyn Erickson, Finance Director
CONSIDER APPROVAL OF A RESOLUTION DESIGNATING INVESTMENT
AND BANKING AUTHORITY ON BEHALF OF THE CITY OF PRIOR LAKE
Introduction
This is a housekeeping item to transition investment and banking authority from
retiring Finance Director Ralph Teschner to Jerilyn Erickson effective October
20, 2008.
Historv
As part of its annual meeting, the City Council designates the Finance Director
and City Manager as the City's investment authorities.
Current Circumstances
Because Ralph Teschner is retiring mid-year, it is necessary to take action prior
to the City Council's 2009 annual meeting.
Conclusion
The action required of the Council is to approve the proposed resolution as part
of the consent agenda.
NONE.
NONE
1. Motion and Second as part of the Consent Agenda to approve Resolution
08-xx designating Jerilyn Erickson and Frank Boyles as the investment and
banking authorities on behalf of the City.
2. Remove the item from the Consent Agenda for additional discussion.
RECOMMENDED Alternative 1
MOTION:
ReVie~;j
Frank Boyles, Ci
www.cityofpriorlake.com
Phone 952.447.9800 / Fax 952.447.4245
Motion By:
Second By:
WHEREAS, the City of Prior Lake is organized as a municipal government under state statutes and
duly incorporated as a city in 1891; and
WHEREAS, The City is interested in designating and authorizing staff to conduct banking and
investment transactions; and
WHEREAS, the City is interested in investing its available funds at the highest rate of return
available subject to preservation of principal and in accordance with state statutes and
consistent with the cash flow needs of the City; and
WHEREAS, the City's Investment Policy establishes the primary responsibility for such investments
to be charged to the City Finance Director.
WHEREAS, the retirement of Finance Director Ralph Teschner mid-year requires the City Council
to take action to designate a replacement prior to its annual meeting.
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE,
MINNESOTA as follows:
1. The recitals set forth above are incorporated herein.
2. Effective October 20, 2008, Frank Boyles and Jerilyn Erickson are hereby designated with full
power and authority to open bank and investment accounts in the name of the City of Prior Lake,
conduct banking transactions, invest such funds of the City as deemed necessary, and to execute
all purchases and withdrawals associated with such investments.
PASSED AND ADOPTED THIS 20th DAY OF OCTOBER, 2008.
YES
NO
I HauRen
I Erickson
I Hedberg
I LeMair
I Millar
Haugen
Erickson
Hedberg
LeMair
Millar
Specimen Signatures:
Frank Boyles, City Manager
Frank Boyles, City Manager
Jerilyn Erickson, Finance Director
www.cityofpriorlake.com
Phone 952.447.9800 / Fax 952.447.4245