Item 9A Memo1l 1 I • : \ � 1l
March 21, 2011
TO: Billy Campbell, City Manager
FROM: Sharen Elam, Director of Finance Ext. 1713
SUBJECT: Resolution No. 03 -040, Authorizing an Investment Depository
Action Requested: Approve Resolution No. 03 -040
Background
Information: First State Bank served as the City's bank depository until 2002 when Wells
Fargo "Bank" acquired First State Bank. Currently, Wells Fargo is
performing the duties of the city's depository. Approval of this resolution is
a requirement of the bank's auditors.
Financial
Considerations: None
Citizen Input/
Board Review: None required
Legal Review: Resolution reviewed by City Attorney
Alternatives: Approve Resolution No. 03 -040 as presented or modify
Supporting
Documents: Resolution No. 03 -040
Staff
Recommendation: Approval of Resolution No. 03 -040