IV.4. Designation of Official Depositories for 2020; BishopJanuary, 7 2020 Council Report 2020-006
Designation of Official Depositories for 2020
Proposed Action.
Staff recommends adoption of the following motion: Approve Resolution 2020-002 Approving
Official Depositories for City Funds in 2020.
Overview:
MN Statute 118A.02 requires that the City Council designate banks and financial institutions as
official depositories for City Funds. This list gives staff authority to deposit funds in the named
organizations only.
Primary Issues to Consider:
The City worked with Wells Fargo Bank, N.A, Wells Fargo Securities LLC, TD Ameritrade Inc.,
and Ehlers Investment Partners LLC in 2019. The City has also previously worked with Morgan
Stanley Smith Barney and RBC Capital Markets, LLC. The City would like to continue these
relationships into 2020.
Supporting Information:
Resolution 2020-002.
________________________________________
Nick Bishop, CPA
Finance Director
Financial Impact: $ Budgeted: Y/N Y Source: _________________
Related Documents (CIP, ERP, etc.): ________________________________________
Notes: ________________________________________________________________
CITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION 2020-002
A RESOLUTION APPROVING OFFICIAL DEPOSITORIES
FOR CITY FUNDS IN 2020
WHEREAS, the City of Hopkins is required by law to designate depositories and financial
institutions for City Funds.
NOW THEREFORE, BE IT RESOLVED, that the City Council of the City of Hopkins
designates Wells Fargo Bank, N.A. as an official depository for City funds, both checking and
savings; and
BE IT FURTHER RESOLVED, that the City Council of the City of Hopkins designates as
depositories and financial institutions for City funds, Wells Fargo Securities, LLC, TD
Ameritrade Inc, Morgan Stanley Smith Barney, RBC Capital Markets, LLC for all authorized
and suitable investments covered under the City’s Investment Policy, Legislative Policy 6-B
BE IT FURTHER RESOLVED, that the City Council of the City of Hopkins designates
depositories for City funds, Wells Fargo Securities LLC, Ehlers Investment Partners LLC,
Morgan Stanley Smith Barney and RBC Capital Markets, LLC as agent/brokers, for all
authorized and suitable investments covered under the City’s Investment Policy, Legislative
Policy 6-B.
Adopted by the City Council of the City of Hopkins this 7th day of January, 2020.
By:___________________________
Jason Gadd, Mayor
ATTEST:
_______________________________
Amy Domeier, City Clerk