HomeMy WebLinkAbout17-005 Designating Investment and Banking Authority o�
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4646 Dakota Street SE
so". Prior Lake, MN 55372
RESOLUTION 17-005
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 9th DAY OF JANUARY, 2017
VOTE Briggs McGuire Thompson Braid Burkart
Aye ❑x ® ❑x
Nay ❑ ❑ ❑ ❑ ❑
Absent ❑ ❑ ❑ ❑ ❑
Abstain ❑ ❑ ❑ ❑ ❑
Fra oyle , ity Manager
Spci en S gnatur s:
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Fra -8Q , Ci pager Cathy Eric on, Accounting Manager
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Don Uram, Finance Director
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AGREEMENT
For Banking Services Between
The City of Prior Lake and U.S. Bank
AN AGREEMENT between THE CITY OF PRIOR LAKE(CITY) and U.S.
BAND NATIONAL ASSOCIATION(U.S, Bank)made and entered into this 4'A day of
January 2017,
In consideration of the mutual terms and conditions,promises,covenants and
payments hereinafter set forth, City and U.S. Bank agree to amend the contract as
follows:
I
1. U.S. Bank shall continue to provide depository and banking services as described
in its proposal(The Proposal) dated October 14`x'2009 in accordance with the
RFP response between the CITY and U.S. Baric effective January 2010.
2. The services rendered by U.S. Bank shall continue for an additional year ending
December 31"20M The agreement maybe renewed for an additional year upon
mutual agreement of the parties.
3. U.S. Bank and the CITY agree pricing will remain the same as agreed upon in the
proposal dated October 14`'2009. All other pricing for services will be priced at
consistent reduced levels for specific services. Earnings Credit Rate on deposits
will be equal to the posted Fed Funds less 25 basis points with a floor of 20 basis
points.
4. U.S. Bank and the CITY both have the right to modify or exit the contract within
60 days given written notice,
5. U.S,Bank and the CITY agree that all of the terms and conditions of the original
agreement shall remain in full force and effect during the contract unless the
agreement is amended by mutual consent.
Approved:
U.S. BANK7NA 0 �AL ASSOCIATION CIT 0 PR;PR LAI ,MN
By: By:
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