HomeMy WebLinkAboutRESOLUTION NO. 28 RESOLUTION NO. 2009-28
RESOLUTION TO APPROVE NAMING DEPOSITORIES
WHEREAS, Iowa. Code 2003: Section 12C.2 requires that the approval of a
financial institution as a depository of public funds for a public body shall be by written
resolution or order that shall be entered of record in the minutes of the approving board
and that shall distinctly name each depository approved and specify the maximum
amount that may be kept on deposit in each depository; and
WHEREAS, The City's auditor recommends the naming of depositories on an.
annual basis.
BE IT RESOLVED, That the City Council of Fairfax in Linn County, Iowa,
approves the following list of financial institutions to be depositories of the City of
Fairfax funds in conformance with all applicable provisions of Iowa Code Chapter 12.
The City Clerk and Finance Administrator are hereby authorized to deposit the City of
Fairfax funds in amounts not to exceed the maximum approved for each respective
financial institution as set out below.
NAME OF DEPOSITORY LOCATION OFFICE MAXIMUM
DEPOSIT
Fairfax State Savings Bank Fairfax,IA $6,000,000
Guaranty Bank Fairfax,IA $6,000,000
Walford Farmers Savings Baulk Walford,IA $6,000,000
Hills Bank&Trust Cedar Rapids.,IA $6,000,000
NOW, THEREFORE, BE IT RESOLVED, By the City Council of the City of
Fairfax, Iowa that the Mayor and the City Clerk are hereby authorized and directed to
execute said Resolution.
Passed and approved this 9th day of June, 2009.
AYES: Frieden, Magers, and Wainwright
NAYS: None
ABSENT: Beer
ABSTAIN: Rabe
Bill Voss, Mayor
ATTEST:
8 �
f f
Cyn is Stimson, City Clerk