IV.6. Resolution Approving Pershing Wealth Solutions BNY Mellon as an Official Depository for City Funds; BishopJune 7, 2022 Council Report 2022-056
Designate Pershing Wealth Solution BNY Mellon as Depository of City Funds
Proposed Action.
Staff recommends adoption of the following motion: Approve Resolution 2022-039 Approving
Pershing Wealth Solutions BNY Mellon as an Official Depository for City Funds in 2022.
Overview:
MN Statute 118A.02 requires that the City Council annually designate banks and financial
institutions as official depositories for City Funds. The recommended resolution will approve
Pershing Wealth Solutions BNY Mellon as an additional depository in 2022. City Council
previously authorized Wells Fargo Bank, N.A., Wells Fargo Securities LLC, TD Ameritrade
Inc., Morgan Stanley Smith Barney and RBC Capital Markets, LLC as official depositories of
City funds for 2022.
Primary Issues to Consider:
The City works with Ehlers Investment Partners to manage investments held from bond
proceeds. Ehlers will switch from TD Ameritrade to Pershing Wealth Solutions as the custodian
for all client assets. Pershing Wealth Solutions can provide a high level of service and reduce
costs.
Supporting Information:
• Resolution 2022-039
________________________________________
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 2022-039
A RESOLUTION APPROVING PERSHING WEALTH SOLUTION BNY MELLON
AS OFFICIAL DEPOSITORY FOR CITY FUNDS IN 2022
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 Pershing Wealth Solutions BNY Mellon as depository and financial institution for
City funds 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 June, 2022.
___________________________
Patrick Hanlon, Mayor
ATTEST:
_______________________________
Amy Domeier, City Clerk