HomeMy WebLinkAbout20-004 Designate Banking Authority.docxrl
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:
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 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 Braitl Erickson
Aye
Nay ❑ ❑ ❑ ❑ ❑
Absent ❑ ❑ ❑ ❑ ❑
Abstain ❑ ❑ ❑ ❑ ❑
Signatures:
City Manager �
CC V f
Cathy Erickson, finance Director
Lori 01.'s'pn,'Assistant City Manager
Jason Etter, Accouig Manager