HomeMy WebLinkAbout5N Designation of Investment and Banking Authority
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4646 Dakota Street SE
Prior Lake, MN 55372
CITY COUNCIL AGENDA REPORT
MEETING DATE: OCTOBER 21, 2019
AGENDA #: 5N
PREPARED BY: ANN ORLOFSKY, CITY CLERK
PRESENTED BY: JASON WEDEL, CITY MANAGER
AGENDA ITEM:
ADOPT RESOLUTION No. 19-125 A RESOLUTION DESIGNATING
INVESTMENT AND BANKING AUTHORITY ON BEHALF OF THE CITY OF
PRIOR LAKE
GOAL AREA AND
OBJECTIVE:
High-Value City Services
5. Grow collaborations to provide efficient and cost-effective services to the
community.
DISCUSSION:
ISSUES:
FINANCIAL
IMPACT:
ALTERNATIVES:
RECOMMENDED
MOTION:
Introduction
The purpose of this agenda item is to update the investment and banking authority
designation to include the new City Manager, Jason Wedel.
Current Circumstances
Designating Investment Authority:
The attached resolution authorizes City Manager Jason Wedel, Finance Director
Cathy Erickson, and Accounting Manager Jason Etter to open bank and
investment accounts in the name of the City of Prior Lake, conduct banking
transactions, invest funds of the City and execute all purchases and withdrawals
associated with such investments up until January 1, 2020.
None noted.
The resolution authorizes the City Manager to conduct banking and investment
activities in the name of the City of Prior Lake.
1. Motion and a second to approve as a part of the consent agenda the
resolution as presented.
2. Motion and second to remove this item from the consent agenda for
additional discussion.
Alternate #1.
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 19-125
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. Jason Wedel, City Manager, Cathy Erickson, Finance Director, and Jason Etter, 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 21st DAY OF OCTOBER 2019
VOTE Briggs Thompson Burkart Braid Erickson
Aye ☐ ☐ ☐ ☐ ☐
Nay ☐ ☐ ☐ ☐ ☐
Absent ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐
______________________________
Jason Wedel, City Manager
Specimen Signatures:
________________________________ ___________________________
Jason Wedel, City Manager Jason Etter, Accounting Manager
________________________________
Cathy Erickson, Finance Director