This resolution does not change the current authorized positions who are designated to perform investing and banking transactions.  Currently the Mayor and Finance Director sign all checks.  While not legally required, it is considered a best practice to formally adopt a resolution of authorized individuals annually.   Additionally, banks often require a formal action of the City Council recognizing the staff authorized to sign checks and authorize certain bank transactions.

The attached resolution also identifies the authorized depositories for City funds.  This includes banks the City works with on a regular basis as well as those that may become a depository during the fiscal year.  All brokers must file an appropriate Broker Certification Form, a requirement of Minnesota Statutes, to transact business with the City of Shakopee.  All documentation is reviewed by the City's auditors during the financial audit each year.

The resolution will become effective with adoption.