IV.4. Designation of Official Depositories for 2024; Bishop
CITY OF HOPKINS
City Council Report 2024-005
To: Honorable Mayor and Council Members
Mike Mornson, City Manager
From: Nick Bishop, Finance Director
Date: January 2, 2024
Subject: Designation of Official Depositories for 2024
_____________________________________________________________________
RECOMMENDED ACTION
MOTION TO: Approve Resolution 2024-002 Designating Official Depositories for City
Funds in 2024.
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 with these institutions only.
The City worked with Wells Fargo Bank, N.A., Wells Fargo Securities LLC, Pershing
Wealth Solutions BNY Mellon and Ehlers Investment Partners LLC in 2023. The City
would like to continue these relationships in 2023.
SUPPORTING INFORMATION
• Resolution 2024-002
Finance Department
CITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION 2024-002
DESIGNATING OFFICIAL DEPOSITORIES
FOR CITY FUNDS IN 2024
WHEREAS, the City of Hopkins is required by law to designate depositories and
financial institutions for City Funds; and
NOW THEREFORE BE IT RESOLVED, that the City Council of the City of Hopkins
hereby 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 hereby
designates as depositories and financial institutions for City funds, Wells Fargo
Securities, LLC and Pershing Wealth Solutions BNY Mellon 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 hereby
designates Wells Fargo Securities LLC and Ehlers Investment Partners 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 2nd day of January, 2024.
By:___________________________
Patrick Hanlon, Mayor
ATTEST:
_______________________________
Amy Domeier, City Clerk