HomeMy WebLinkAbout05(E) - Designate Investment and Banking Authority on Behalf of the City of Prior Lake Report
City of Prior Lake | 4646 Dakota Street SE | Prior Lake MN 55372
CITY COUNCIL AGENDA REPORT
ITEM: 5E
MEETING DATE: March 21, 2022
PREPARED BY: Jason Etter, Senior Financial Analyst
PRESENTED BY: Cathy Erickson, Finance Director
AGENDA ITEM: Designate Investment and Banking Authority on Behalf of the City
of Prior Lake
GOAL AREA
OBJECTIVE:
High-Value City Services
5. Grow collaborations to provide efficient and cost-effective
services to the community.
RECOMMENDED ACTION:
Adopt a resolution designating investment and banking authority on behalf of the City of Prior
Lake.
BACKGROUND:
The Assistant Finance Director, Nicole Klekner, started on March 14. The attached resolution
adds Nicole as staff that is authorized to complete investing and banking on behalf of the City of
Prior Lake
The attached resolution authorizes City Manager Jason Wedel, Finance Director Cathy
Erickson, and Assistant Finance Director Nicole Klekner 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,
2023.
ALTERNATIVES:
1. Motion and second to adopt as part of the consent agenda the resolution as presented.
2. Motion and second to remove this item from the consent agenda for additional
discussion.
ATTACHMENTS:
1. Resolution - Designate Investment and Banking Authority on Behalf of the City of Prior
Lake
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 22-
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 Nicole Klekner,
Assistant Finance Director 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 by the Prior Lake City Council this 21st day of March 2022.
VOTE Briggs Thompson Burkart Braid Churchill
Aye
☐
☐ ☐ ☐ ☐
Nay
☐ ☐ ☐ ☐ ☐
Abstain
☐ ☐ ☐ ☐ ☐
Absent
☐ ☐ ☐ ☐ ☐
______________________________
Jason Wedel, City Manager