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Date
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June 22,
2009
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Agenda
Item No. 33 Roll
Call No. 09- Communication No. 09-399 Submitted by:
Allen McKinley, Finance Director/Treasurer |
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AGENDA
HEADING:
Designation of Multiple Depositories for City Funds
and the Maximum Allowable Amount.
SYNOPSIS:
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.
FISCAL
IMPACT: NONE
Amount: N/A
Funding Source: N/A
ADDITIONAL
INFORMATION:
The
list of approved institutions is updated periodically, as the need arises. Due to the current market environment, the
City is investing more heavily in Certificates of Deposit. The increase in depository limits approved
November 24, 2008 will expire June 30, 2009.
That temporary increase allowed the City to maximize investment income
by allowing these banks to continue to bid Certificate of Deposit rates. It is recommended to temporarily extend the
banks previously increased from $25,000,000 to $50,000,000 until June 30, 2010.
Bank Maximum
Authorized Deposit
Bank
of
Bankers
Trust $100,000,000
Bank
of the West $50,000,000
Community
State Bank $50,000,000*
First
American Bank $50,000,000*
First
Bank $50,000,000*
Metabank $50,000,000*
Principal
Bank $50,000,000*
Regions Bank $50,000,000
Wells
West Bank $50,000,000
* Previous maximum was $25,000,000.
PREVIOUS
COUNCIL ACTION(S):
Date:
November 24, 2008
Roll
Call Number: 08-2057
Action:
Designation of multiple depositories for
City funds. (Council
Communication No. 08-693) Moved by Vlassis to
adopt. Motion Carried 6-0. Council Member Hensley declares a conflict of
interest and abstains from voting.
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,