HomeMy WebLinkAbout25-117 Designing Investment and Banking Authority on Behalf
4646 Dakota Street SE Prior Lake, MN 55372
RESOLUTION 25-117 A RESOLUTION DESIGNATING INVESTMENT AND BANKING AUTHORITY ON BEHALF OF THE CITY OF PRIOR LAKE Motion By: Lake Second By: Hellier
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. Passed and adopted by the Prior Lake City Council this 26th day of August 2025. VOTE Briggs Braid Churchill Lake Hellier Aye ☒ ☐ ☒ ☒ ☒
Nay ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐
Absent ☐ ☒ ☐ ☐ ☐ ______________________________ Jason Wedel, City Manager