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Date
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March 24, 2008
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Agenda
Item No. 36 Roll
Call No. 08- Communication No. 08-140 Submitted by: Allen McKinley, Finance Director |
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AGENDA HEADING:
Approving banks to be used as
depositories for city funds.
SYNOPSIS:
Recommend
approval of banks to be used as depositories for city funds. Per the City’s investment policy and state
law, the City Council is required to approve a list of authorized depositories
and the maximum amounts allowed at each.
The list of approved institutions is updated periodically as the need
arises. The list has been updated to no
longer include Fort Des Moines Community State Bank (no interest in being a
depository of city funds) and to raise all $15,000,000 maximums to
$25,000,000. Recently the City could not
take advantage of an investment opportunity due to the $15,000,000 maximum.
FISCAL IMPACT: NONE
ADDITIONAL INFORMATION:
Bank Maximum
Authorized Deposit
Bank of
Bankers Trust $100,000,000
Bank of the West $50,000,000
Community State Bank $25,000,000*
First American Bank $25,000,000*
First Bank $25,000,000*
Metabank $25,000,000*
Principal Bank $25,000,000*
Regions Bank $50,000,000
Wells
West Bank $50,000,000
* Previous maximum was $15,000,000.
PREVIOUS COUNCIL ACTION(S):
Date: December 19, 2005
Roll Call Number: 05-3002
Action: Designation
of multiple depositories for City
Funds. (Council
Communication No. 05-703) Moved by Vlassis to adopt. Motion Carried 6-1. Pass:
Hensley.
BOARD/COMMISSION ACTION(S): NONE
ANTICIPATED ACTIONS AND FUTURE COMMITMENTS: NONE
For more information
on this and other agenda items, please call the City Clerk’s Office at
515-283-4209 or visit the Clerk’s Office on the second floor of City Hall,