HomeMy WebLinkAbout19-125 Banking AuthorityRESOLUTION 19-125
A RESOLUTION DESIGNATING
INVESTMENT
AND BANKING AUTHORITY
ON BEHALF
OF
THE CITY OF
PRIOR LAKE
Motion By:
Burkart
Second By: Thompson
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 L
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 ❑ ❑ ❑ ❑ ❑
Signatures:
Jason
Cathy Erickson, Finance Director
f
Wedel, City Manager
Manager