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CITY COUNCIL AGENDA REPORT
MEETING DATE: APRIL 13, 2015
AGENDA#: 5E
PREPARED BY: JERILYN ERICKSON, FINANCE DIRECTOR
PRESENTED BY: JERILYN ERICKSON
AGENDA ITEM: CONSIDER APPROVAL OF A RESOLUTION DESIGNATING INVESTMENT
AND BANKING AUTHORITY ON BEHALF OF THE CITY OF PRIOR LAKE
DISCUSSION: Introduction
The purpose of this agenda item is to update the designation of investment and
banking authority.
History
The City Council Bylaws provide that the first regularly scheduled meeting in Jan-
uary is the annual meeting of the City Council. During the annual meeting, regular
business may be conducted, but a number of organizational business items, includ-
ing investment and banking authority is required to be considered
On January 12, 2015, Frank Boyles, City Manager, and Jerilyn Erickson, Finance
Director were designated with this authority.
Current Circumstances
Due to the resignation of Director Erickson, the investment and banking authority
should be updated.
Cathy Erickson, Accounting Manager, will be responsible for treasury manage-
ment until a new Finance Director has been hired.
Conclusion
The Council should approve the resolution in order to provide staff with the ability
to conduct the ongoing banking and investment services.
ALTERNATIVES: 1. Motion and second as part of the consent agenda to approve a resolution
designating investment and banking authority on behalf of the City of Prior
Lake.
2. Deny this item for a specific reason and provide staff with direction.
RECOMMENDED Alternative#1.
MOTION:
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RESOLUTION 15-xxx
A RESOLUTION DESIGNATING INVESTMENT AND BANKING AUTHORITY
ON BEHALF OF THE CITY OF PRIOR LAKE
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.
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 Cathy Erickson, Accounting Manager, 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 APRIL, 2015.
VOTE Hedberg Keeney McGuire Morton Thompson
Aye E] El 0 ❑ 7
Nay 11 El El 7 0
Absent 0 El El 0 F1
Abstain El El 0 F-1 F-1
Frank Boyles, City Manager
Specimen Signatures:
Frank Boyles, City Manager
Cathy Erickson, Accounting Manager