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81288.4 / <br />TO: Mayor and City Council. �'��l.i 292 <br />FROM: Mark Bernhardson, City Administrato'' 7, <br />DATE: August 12, 1988 <br />SUBJECT: Authority to Designate Depositories <br />Attachment: A. Authority to Designate Depositioies 8/4/88 Memo <br />ISSUE - Adoption of Resolution delegating authority regarding <br />depositories to staff. <br />INTRODUCTION - This was originally introduced to the Council on <br />t.ne August 8, 1988 agenda and the Council requested that it be <br />tabled in order to answer the question related to the Council <br />disapproval of a depository. <br />DISCUSSION -Under the current "system" Council established <br />depositories at the beginning of the year and that sufficed for <br />all instruments except for Certificates of Deposit (C.D's) which <br />were uncollateralorized under $100,000 and therefore protected by <br />F.D.I.C. or F.S.L.I.C. insurance. when such C.D.'s were <br />purchased, they were purchased at the bank that issued them and <br />that bank also served as the depository. Under the current <br />system had the Council not approved of an additional depository <br />the City would then just have to sell the instrument. Under the <br />proposed chance Council would vest this authority for depository <br />designation to the City Treasurer/Finance Director. <br />AT.TPDMA11TVPQ <br />1. Adopt the resolution <br />2. Amend the resolution <br />3. Table for further discussion <br />4. Take n-) action <br />RECOMMENDATION_ - It is r`commended that the City adopt ::he <br />resolution as presented. <br />PROPOSED MOTION - Moved by _ seconded by _ , that the Council <br />adopt Resolution # delegating the authority for establishment <br />of depositories to the staff. Ayes __, Nays _- <br />