Background/Discussion
The Code of Iowa, in Section 12.C.2, requires that public bodies shall list the depositories approved for deposit of City funds and list the maximum amounts allowed in each depository in the official record.
This resolution designates all financial institutions deemed appropriate and in the best interest of the City of Council Bluffs as authorized depositories for City funds to the limits prescribed in the Investment Policy of no more than $60,000,000 per institution. A copy of the proposed amended Investment Policy is attached.
The City has been approached to add Availa Bank to the list of approved depositories at the next revision of this resolution.
As City staff continues to research investment portfolio options for public funds, changes to the list of approved depositories will be brought back in front of Council for review and approval. Any future revisions will be presented similar to the changes on the redline version of the previous resolution, also attached.