HomeMy WebLinkAbout08-134 Investment and Banking AuthorityOr=s PR jO~, ~
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j ~, s, ~ Prior Lake, MN 55372-1714
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~~~~ ~' _~' RESOLUTION 08-134
r.,. NIVESO~P' `e.
~}` A RESOLUTION DESIGNATING INVESTMENT AND BANKING AUTHORITY
ON BEHALF OF THE CITY OF PRIOR LAKE
Motion By: Millar Second By: Hedberg
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
Hau en X Hau en
Erickson X Erickson
Hedber X Hedber
LeMair Absent LeMair
Millar X Millar
Sig
Frank Boy s, Cit Hager
Jerilyn Eri~ kson, Finance Director
Frank Boyl ity Manager
www.;cityof priorlake. com
Phone 952.447.9800 /Fax 952.447.4245