2025-03.docx1
CITY OF CHANHASSEN
CARVER AND HENNEPIN COUNTIES, MINNESOTA
DATE: January 13, 2025 RESOLUTION NO: 2025-03
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
Ehlers Investment Partners, 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 by 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.
PASSED AND ADOPTED by the Chanhassen City Council this 13th day of January 2025.
ATTEST:
Jenny Potter, City Clerk Elise Ryan, Mayor
YES NO ABSENT
Ryan
von Oven
Kimber
Schubert
McDonald
Docusign Envelope ID: C76EF011-5A33-4C55-BE41-3E1CA0913D18