CR 93-11 Auth Check Signers
- -- --~--- ----------~
._C';:;"--'" ( )
'i y
\ 0 I
(, ~ I
0i
. ..y '" I
, ' o P K \ '" )
January 11, 1993 Council Report #93-11
AUTHORIZE CHECK SIGNERS
Proposed Action.
Staff recommends adoption of the following motion: Move that Resolution # 93 -4 "Designating
Authorized Signers on a Payroll Account at the Norwest Bank Minnesota, N.A. - MetroWest
Office", be adopted,
The City's payroll account is currently with First Bank, Hopkins. First Bank has changed its
policy regarding this account and now imposes a monthly service charge or would require a
constant idle deposit in the account in excess of$21,00O.
Primary Issues To Consider.
0 This change will maximize employee efficiency/cost and interest earnings,
Supportin2 Information.
0 Resolution 93-4
~.
:~~
..
~~~'~. -' - ~~...
. Authorize Check Signers
Report 93 -11
page 2
, ,
Detailed Backf!:round.
The payroll account has been with First Bank at least the past eleven years. Past officials of the
bank had indicated a desire to have a City bank account. In our discussion with them, the
continuance of the payroll account was acceptable.
With the change of bank presidents came the requirement for a "fee" (a service charge or
minimum deposit) to maintain'the payroll account.
I then investigated the policies of Norwest. Since the City already has the operating checking
account with Norwest, they would blend the balances of the operating and payroll accounts in
their calculation to arrive at a required balance for service.
Most of a calendar year. the City's operating accpunt balance would be sufficient to cover both
accounts, Norwest monitors an annual average balance rather than monthly balances to determine
the required balance for service, thus the City has not been assessed a fee by Norwest in the past.
e
. Also, the ovemite "sweep" feature can be used for both accounts to maximize interest earnings.
Use of one bank will allow for more efficient use of employees time and mileage cost.
.
. ~:_ ;.' _h~''''''_
CITY OF HOPKINS
.., Hennepin County, Minnesota
. RESOLUTION NO. 93-4
RESOLUTION DESIGNATING AUTHORIZED SIGNERS
ON THE PAYROLL ACCOUNT AT THE
NORWESTBANK MINNESOTA, N.A. METROWEST OFFICE
IT IS HEREBY RESOLVED by the City Council of the City of Hopkins, Minnesota, that any
one of the following named persons are hereby authorized to draw, sign and issue checks not
exceeding $5,000.00, each and any two signatures of the following named persons are required
for checks exceeding $5,000.00 each on deposit with the Norwest Bank Minnesota, N.A.,
Account No. 397-0304084, such signatures to be in facsimile and said persons being as follows:
John E. Schedler
Steven C. Mielke
James A. Genellie
BE IT FURTHER RESOLVED, that any and all resolutions heretofore adopted by the City
Council of the City of Hopkins and certified to said Bank as governing the operation of the City
of Hopkins account with it be and are hereby continued in full force and effect, except as the same
may be supplemented or modified by the foregoing part of this resolution.
.'
.~.. Adopted by the City Council of the City of Hopkins this 19th day of January, 1993.
*******************
I, Nelson W. Berg, do hereby certify that I am the Mayor of the City of Hopkins, Minnesota, a
municipal corporation, organized under the laws of the State of Minnesota, and having its
principal office and place of business at 1010 First Street South, Hopkins, Minnesota; that the
foregoing is a true and correct copy of a resolution adopted by the City Council of the City of
Hopkins at a regular meeting held the 19th day of January, 1993, that said meeting was duly and
properly called and held and said resolution was spread on the minute book of the City of
Hopkins and has not been revoked, rescinded or amended, and is still in full force and effect.
I further certify that the City. Council of the City of Hopkins has and at the time of the adoption of
said resolution had, full powers therein granted to the persons named who have full power and
lawful authority to exercise the same.
IN WITNESS WHEREOF, I have hereunto set my hand as Mayor of the City of Hopkins, and
affixed the seal ofthe City, this 19th day of January, 1993.
By
I' Nelson W. Berg, Mayor
ATTEST:
James A. Genellie, City Clerk