HomeMy WebLinkAboutRESOLUTION NO. 2007-47 RESOLUTION NO. `t
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;and
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 Bank 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, day ofii—M2007.
AYES: a
NAYS:
ABSENT:
Bill Voss, Mayor
ATTF,ST:
) j
Vickie Kind],City Clerk
The foregoing Resolution No, E havebeen a pr ved this date by the Fairfax City Council,I hereby approve the same by afrixing,
anyignat e as City Clerk on Flay of 2007.
Vickie Kind],City-clerk