HomeMy Public PortalAbout2024-010 Resolution Naming Official DepositoriesRESOLUTION 2024-010
Resolution Naming Official Depositories
WHEREAS, all cities in Iowa must designate financial institutions as depositories pursuant to Iowa Code
section 12C.2; and,
WHEREAS, the City wishes to name Quad City Bank & Trust and IPAIT (through PMA Financial) as official
depositories of the City and to limit the maximum balance in each account to $2,000,000.
NOW, THEREFORE BE IT RESOLVED by the City Council of the City of Riverdale, Iowa, that:
Section 1.
Section 2.
Quad City Bank & Trust and IPAIT (through PMA Financial) are approved as the financial
institutions and depositories for the City in accordance with all applicable provisions of
section 12C.2 of the State of Iowa Code.
The City Clerk/Treasurer, Deputy Clerk, Mayor, and Mayor Pro Tem are authorized to
deposit City funds in an amount not to exceed the maximum approved for each respective
financial institution as follows:
Depository name
Quad City tank & Trust
IPAIT (through PMA Financial)
Maximum balance in effect under this resolution
$2,000,000
$2,000,000
Passed, approved, and adopted this 9th day of January 2024.
APPROVED:
Anthony Heddlesten, Mayor
ATTEST:
Kelly Kr , Ci, y Clerk/Treasurer
City of Riverdale, Iowa
110 Manor Drive, Riverdale, Iowa 52722 1 (563) 355-2511 1 www.riverdaleia.org