2024-031
CITY OF CHANHASSEN
CARVER AND HENNEPIN COUNTIES, MINNESOTA
DATE: January 8, 2024 RESOLUTION NO: 2024-03
MOTION BY: McDonald SECONDED BY: Kimber
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
UBS Financial Services, Inc. Wells Fargo Securities, LLC
Northland Securities RBC Capital Markets, LLC
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: B6A40645-2566-4303-B79D-A73348689EFD
2
PASSED AND ADOPTED by the Chanhassen City Council this 8th day of January 2024.
ATTEST:
Kim Meuwissen, City Clerk Elise Ryan, Mayor
YES NO ABSENT
Ryan
McDonald
Schubert
von Oven
Kimber
DocuSign Envelope ID: B6A40645-2566-4303-B79D-A73348689EFD