HomeMy WebLinkAbout~Master - Limits for banks on list of approved depositories RESOLUTION NO. 11-565
RESOLUTION INCREASING LIMIT FOR FIRST NATIONAL BANK AND WELLS
FARGO BANK ON THE LIST OF APPROVED DEPOSITORIES
FOR THE CITY OF AMES,IOWA
WHEREAS,periodically,it is necessary to review the list of approved depositories and make
adjustments to reflect business and market changes; and,
WHEREAS, with the continued distressed, fixed income conditions, it has become
increasingly difficult to spread short-term investments among approved depositories; and,
WHEREAS, in addition,the City's investment portfolio has grown,increasing the pressure
to keep within the maximum approved amount; and,
WHEREAS, staff is requesting an increase for First National Bank and Wells Fargo Bank
on the list of approved depositories to a maximum investment limit of$40,000,000.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the increase in the limit for First National Bank and Wells Fargo Bank on the list of approved
depositories to a maximum investment limit of$40,000,000 is hereby approved.
ADOPTED THIS 20`h day of December, 2011.
of
Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Goodman
Seconded by: Wacha
Voting aye: Davis, Goodman, Mahayni, Orazem, Wacha
Voting nay: None
Abstaining: Larson Absent: None
Resolution declared adopted and signed by the Mayor this 20' day of December, 2011.