HomeMy WebLinkAbout05(J) - Resolution Designating Investment and Banking Authority on Behalf of the City of Prior Lake Report
ITEM: 5J
CITY COUNCIL AGENDA REPORT
MEETING DATE: August 26, 2025
PREPARED BY: Nicole Klekner, Interim Finance Director
PRESENTED BY: NIcole Klekner
AGENDA ITEM: Resolution Designating Investment and Banking Authority on
Behalf of the City of Prior Lake
RECOMMENDED ACTION:
Adopt a resolution designating investment and banking authority on behalf of the City of Prior
Lake.
BACKGROUND:
On July 22, the City Council approved a contract with Ehlers for an Interim Assistant Finance
Director. The services will be provided by Kelly Horn starting on September 8. The attached
resolution adds Kelly Horn as authorized to complete investing and banking on behalf of the City
of Prior Lake.
Additionally, Cathy Erickson, Finance Director, is retiring on August 27. She needs to be removed
as key executive and account signer for the city banking and investment accounts as Nicole
Klekner will take on the key executive role for the city’s banking relationships.
The attached resolution authorizes City Manager Jason Wedel, Interim Finance Director Nicole
Klekner, and Interim Assistant Finance Director Kelly Horn 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 31,
2026. Designating Investment and Banking Authority is brought to the council for approval
annually in January.
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
City of Prior Lake | 4646 Dakota Street SE | Prior Lake MN 55372
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 25-
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, Interim Finance Director Nicole Klekner, and Interim Assistant
Finance Director Kelly Horn 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.
3. Cathy Erickson, Finance Director, is retiring on August 27. She needs to be removed as key
executive and account signer for the city banking and investment accounts as Nicole Klekner,
Interim Finance Director, will take on the key executive role for the city’s banking relationships.
th
Passed and adopted by the Prior Lake City Council this 26 day of August 2025.
VOTE Briggs Braid Churchill Lake Hellier
Aye
☐
☐ ☐ ☐ ☐
Nay
☐ ☐ ☐ ☐ ☐
Abstain
☐ ☐ ☐ ☐ ☐
Absent
☐ ☐ ☐ ☐ ☐
______________________________
Jason Wedel, City Manager