HomeMy WebLinkAbout5J Designation of Investment and Banking Authority Report4646 Dakota Street SE
Prior Lake, MN 55372
CITY COUNCIL AGENDA REPORT
MEETING DATE:
AGENDA #:
PREPARED BY:
PRESENTED BY:
AGENDA ITEM:
GOAL AREA
AND OBJECTIVE:
DISCUSSION:
ISSUES:
FINANCIAL
IMPACT:
JANUARY 6, 2020
5J
ANN ORLOFSKY, CITY CLERK
LORI OLSON, ASSISTANT CITY MANAGER
ADOPT RESOLUTION No. 20-004 A RESOLUTION DESIGNATING
INVESTMENT AND BANKING AUTHORITY ON BEHALF OF THE CITY OF
PRIOR LAKE
High-Value City Services
5. Grow collaborations to provide efficient and cost-effective services to the
community.
Introduction
The purpose of this agenda item is to complete the appointments required each
year under the City Council bylaws.
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, 2021.
None noted.
The resolution authorizes the City Manager, Finance Director, and Accounting
Manager to conduct banking and investment activities in the name of the City of
Prior Lake.
ALTERNATIVES:
RECOMMENDED
MOTION:
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.
Phone 952.447.9800 / Fax 952.447.4245 / www.cityofpriorlake.com
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 20-004
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 6th DAY OF JANUARY 2020
VOTE Briggs Thompson Burkart Braid Erickson
Aye ☐ ☐ ☐ ☐ ☐
Nay ☐ ☐ ☐ ☐ ☐
Absent ☐ ☐ ☐ ☐ ☐
Abstain ☐☐ ☐ ☐ ☐
______________________________ Lori Olson, Assistant City Manager
Specimen Signatures:
________________________________ ___________________________
Jason Wedel, City Manager Jason Etter, Accounting Manager
________________________________
Cathy Erickson, Finance Director