HomeMy WebLinkAbout14-010 Investment and Banking AuthorityU
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4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 14 -010
A RESOLUTION DESIGNATING INVESTMENT AND BANKING AUTHORITY
ON BEHALF OF THE CITY OF PRIOR LAKE
Motion By: Keen
Second By
Morton
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.
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. Frank Boyles, City Manager, and Jerilyn Erickson, Finance Director, 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 13th DAY OF JANUARY 2014.
YES
Sp e
Frank M
NO
Hedberg
X
Hedber
Keeney
X
Keene
McGuire
X
McGuire
Morton
X
Morton
Soukup
Absent
Souku
17 041es, City Manager
iCi4t Manager
Cc
C. -��_�,
n. Finance Director