HomeMy WebLinkAbout5L Designation of Investment and Banking Authority util4646 Dakota Street SE
T Prior Lake, MN 55372
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CITY COUNCIL AGENDA REPORT
MEETING DATE: AUGUST 24, 2015
AGENDA #: 5L
PREPARED BY: DONALD URAM, FINANCE DIRECTOR
PRESENTED BY: DONALD URAM
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 January
is the annual meeting of the City Council. During the annual meeting, regular busi-
ness may be conducted, but a number of organizational business items, including
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. Due to the resignation of Director Er-
ickson, the investment and banking authority was updated in April 2015 to allow
Cathy Erickson, Accounting Manager this authority.
Current Circumstances
With the hiring of Donald Uram as the new Finance Director, the investment and
banking authority should be updated.
Donald Uram, Finance Director, will be responsible for treasury management on
behalf of the City of Prior Lake.
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 desig-
nating 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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4646 Dakota Street SE
4rrNvivEso0. Prior Lake,MN 55372
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 Donald Uram, 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 24th DAY OF AUGUST, 2015.
VOTE Hedberg Keeney McGuire Morton Thompson
Aye ❑ ❑ ❑ ❑ ❑
Nay ❑ ❑ ❑ ❑ ❑
Absent ❑ ❑ 0 ❑ ❑
Abstain ❑ ❑ ❑ ❑ ❑
Frank Boyles, City Manager
Specimen Signatures:
Frank Boyles, City Manager
Donald Uram, Finance Director