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Shakopee board names financial depositories, designates signers and adviser
Summary
The board designated official depositories (HomeTown Bank, Old National Bank, MinnTrust/PMA, Associated Bank, US Bank, Wells Fargo, BMO Harris), authorized check signers and EFT authority, and named PMA Securities as municipal financial advisor.
At its Jan. 6 organizational meeting, the Shakopee Public Schools Board approved a series of financial and administrative designations to manage district funds and transactions.
The board designated multiple official depositories, including HomeTown Bank, Old National Bank, the Minnesota School District Liquid Asset Fund Plus, MinnTrust via PMA, Associated Bank for OPEB trust transactions, US Bank and Wells Fargo for bonds, and BMO Harris for P-card activity. The motion to approve depositories was presented by Joe Aldrich and seconded by Kristi Peterson.
Separately, the board approved the Clerk, Treasurer and Chair as authorized signers on district checks and authorized the Director of Finance and Operations (or designee) to deposit or invest surplus funds and to make electronic funds transfers (EFT) on behalf of the district. The board also designated PMA Securities, LLC as the district’s municipal financial advisor.
Those administrative designations are recorded as routine, governance-level steps intended to ensure operational continuity of financial operations and compliance with state requirements.
