2023-061
CITY OF CHANHASSEN
CARVER AND HENNEPIN COUNTIES, MINNESOTA
DATE: January 9, 2023 RESOLUTION NO: 2023-06
MOTION BY: McDonald SECONDED BY: Schubert
RESOLUTION DESIGNATING OFFICIAL DEPOSITORIES FOR CITY FUNDS
SECTION 1. BE IT RESOLVED, That the following institutions are hereby designated
as depositories for the funds of the City of Chanhassen:
Americana Community Bank
4M Fund
Wells Fargo Securities, LLC
Northland Securities
SECTION 2. RESOLVED ALSO, That before any deposits are made that exceed the
amount that is guaranteed by the Federal Deposit Insurance Corporation (FDIC), the depository
must supply to the City a corporate surety bonds in the amount of at least 10 percent more than
the amount on deposit at the depository’s cutoff hour. The bond is subject to the approval of the
City Council. The surety bond must be conditioned to repay the above amount or any part
thereof upon proper demand therefore and to perform such other duties in connection with the
deposit as the Council may require.
SECTION 3. RESOLVED FURTHER, That, in lieu of the above bond, the depository
may furnish collateral in the manner and to the extent permitted by law. All such collateral must
be approved by the Council and accompanied by a written assignment providing that, upon
default, the financial institution shall release to the City on demand, free of exchange or any
other charges, the collateral pledged.
SECTION 4. RESOLVED FURTHER, All collateral must be placed in safekeeping in
a restricted account at either a Federal Reserve Bank or in an account at a trust department of a
commercial bank or financial institution that is not owned or controlled by the financial
institution that is furnishing the collateral. The selection must be approved the City Council.
In case of default upon the part of the depository, the Council of the City shall have full power
and authority to sell such collateral or as much may be necessary to realize the full amount due
the City over such federal guarantee.
DocuSign Envelope ID: 074C60B4-CDC4-45B9-8C90-08DAC7EBDE54
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PASSED AND ADOPTED by the Chanhassen City Council this 9th day of January 2023.
ATTEST:
Kim Meuwissen, City Clerk Elise Ryan, Mayor
YES NO ABSENT
Ryan
McDonald
Schubert
von Oven
DocuSign Envelope ID: 074C60B4-CDC4-45B9-8C90-08DAC7EBDE54