HomeMy WebLinkAbout16-008 Investment and Banking AuthorityO1PRtO
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4646 Dakota Street SE
41tArNEso0 Prior Lake, MN 55372
RESOLUTION 16-008
A RESOLUTION DESIGNATING INVESTMENT AND BANKING AUTHORITY
ON BEHALF OF THE CITY OF PRIOR LAKE
Motion By: Thompson Second By: McGuire
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, Don Uram, Finance Director, 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 11th DAY OF JANUARY, 2016.
VOTE Hedberg Keeney McGuire Morton Thompson
Aye ® a a a
Nay
Abstain 0
Absent 0 0
W.. ICia
Frank B•, - •t /Manager
Sp:ci en 'ignatur: ..
I. . LI Itsoss U- --kili'(,(A t/- IL
Frank Boy• ty anager Don Uram, Finance Director Cathy Erick ion, Accounting Manager
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