HomeMy WebLinkAboutRESOLUTION NO. 2014-86 RESOLUTION NO. 2014-86
RESOLUTION TO APPROVE NAMING DEPOSITORIES
WHEREAS, Iowa Code 2009: 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.
NOW, '14-M4 RE FORE, 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 oflowa Code
Chapter 12. The City Clerk/Treasurer and Deputy City Clerk 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 MAXIM-UM DEPOSIT
Fairfax State Savings Bank Fairfax, 1A $10,000,000
Guaranty Bank Fairfax,IA $10,000,000
Central,State Bari( Walford, IA $10,000,000
Hills Bank&Trust Cedar Rapids,JA $10,000,000
Ohnward Bank&;Trust CedarRapids, IA $10,000,()00
BE IT FURTHER RESOLVED, by the City Council of the City of Fairfax, Iowa
that the Mayor and the City Clerk/Treasurer are hereby authorized and directed to execute
said resolution.
Passed and approved this 9P day of September, 2014.
AYES. Beer, Frieden, Magers,Wainwright
NAYS: None
ABSI.NT: otto
Jason Rale,Mayor
,lilt
ATTEST: fop
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Stimson, City Clerk(rreasUTer
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