HomeMy WebLinkAboutRESOLUTION NO. 2008-44 - NAMING OF DEPOSITORIES RESOLUTION NO.2008-44
RESOLUTION APPROVING NAMED 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 MAXIMUM DEPOSIT
Fairfax State Savings Bank Fairfax,IA $6,000,000
Guaranty Bank Fairfax, IA $6,000,000
Watford Farmers Savings Bank Watford, IA $6,000,000
Hills Bank&Trust Cedar Rapids, IA $6,000,000
NOW, THEREFORE, BE IT FURTHER RESOLVED, By the City Council of the
City of Fairfax, Iowa, that the Mayor and City Clerk are hereby authorized and directed to
execute said Resolution.
Passed and approved this 121day of August, 2008.
AYES:Beer, Frieden,Wainwright
NAYS:None
ABSTAIN: Rabe
ABSENT: Magers
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Bill Voss„Mayor
ATTEST:
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Vickie Kindl, City Clerk