RESOLUTION NO. 10816-011508

A RESOLUTION RESCINDING RESOLUTIONS

NO. 10549-092005 AND NO.10637-050206,

AND

RESTATING PUBLIC DEPOSITORIES

FOR THE CITY OF OAK CREEK

BY__________________________________________________

WHEREAS,  Chapter 34, Wis. Stats. establishes the conditions and qualifications for public depositories, including financial institutions that act as investment and intermediary agencies for municipalities; and,

WHEREAS, S. 62.12(7), Wis. Stats. provides for the designation by the Common Council of the City of Oak Creek of Public Depositories in which City funds shall be deposited; and,

WHEREAS, the City previously adopted Resolutions No. 10549-092005 and No.10637-050206, which identified the financial institutions that are designated as public depositories for the City of Oak Creek; and,

WHEREAS, over time, financial institutions have changed corporate names and structures, and some financial institutions listed are no longer utilized by the City; it has become timely for the City to restate the listing of authorized public depositories for the City of Oak Creek.

NOW THEREFORE BE IT RESOLVED by the Mayor and Common Council of the City of Oak Creek that Resolutions No. 10549-092005 and No. 10637-050206 are hereby rescinded; and,

BE IT FURTHER RESOLVED that the following, qualified as public depositories under Ch. 34, Wis. Stats., shall be considered as public depositories of the City of Oak Creek for time deposits, repurchase agreements and authorized investments:

            Bank Mutual

            Dana Investment Advisors, Inc.

            JPMorgan Chase Bank N.A.

            JPMorgan Chase Bank Trust Company N.A.

            Marshall & Ilsley (M & I ) Bank

            Marshall & Ilsley (M & I) Trust Company N.A.

            MBIA-MISC (Municipal Investors Service Corp.)

            Mid-America Bank

            Tri-City National Bank – Oak Creek

            US Bank

BE IT FURTHER RESOLVED, that withdrawal or disbursements shall be only by checks and order, as provided in S. 66.0607 (6), Wisconsin Statutes, and a system shall be provided to properly accommodate deposit or investment of such funds by wire; that in accordance therewith, all checks and order shall be signed by the following persons:  the City Clerk-Comptroller, the City Treasurer, and countersigned by the Mayor, and shall so be honored.

Introduced at a regular meeting of the Common Council of the City of Oak Creek held this 15^th day of January, 2008.

Approved this ____ day of ____________, 2008.

_________________________________________

President, Common Council

Passed and adopted this _____ day of ______________, 2008

______________________________________

Mayor

ATTEST:

 _________________________________ VOTE:   Ayes ____    Noes ____

City Clerk