HomeMy WebLinkAboutRESOLUTION NO. 2017-108 RESOLUTION NO. 2017-108
RESOLUTION TO APPROVE NAMING DEPOSITORIES
WHEREAS, Iowa Code 2017: 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
NOW, THEREFORE, 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/Treasurer and Deputy City Clerk/Treasurer 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 $10,000,000
Central State Bank Walford, IA $10,000,000
Hills Bank& Trust Cedar Rapids, IA $10,000,000
Cedar Rapids Bank& Trust Cedar Rapids, IA $10,000,000
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 12"'day of December, 2017.
AYES: Beer, Daly, Kell, Volk, and Wainwright
NAYS: None
Burnell G. Frieden,Mayor
ATTEST:
Cyrlt is Stimson, City Clerk/Treasurer
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