BANKER

Posted 1/5/21

FROM PAGE 1 nancial was chosen by the City after Associated Bank closed its Stanley branch as part of a corporate “optimization” plan, meaning that City employees had to haul checks to Chippewa …

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BANKER

Posted

FROM PAGE 1

nancial was chosen by the City after Associated Bank closed its Stanley branch as part of a corporate “optimization” plan, meaning that City employees had to haul checks to Chippewa Falls for deposit, decidely “non-optimal” for city employees. Motion to make the switch was made by Barby and seconded by Jacob Huff, passing on a vote.

In the meantime, the Stanley Police Department is losing an of_cer. Edward Russel has tendered his resignation with the Stanley Police Department, citing “other employment obligations” as the reason he can no longer _ll part-time shifts with the City of Stanley’s police force. The long version was in a resignation letter submitted to Chief Weiland and included in the Council packet, “Dear Chief Weiland,” Russel begins, “I would like to start by saying that I am very grateful for the opportunity to work for you and the department. I appreciate the time and consideration you have given me. Unfortunately, due to my other employment obligations I am unable to fully uphold my part-time duties of _lling shifts. With that said I would like to inform you that I am resigning from my position of Part-Time Of_cer with Stanley Police Department.” The Council approved Russel’s resignation Monday night in consent agenda items. If you or someone you know is a well-quali_ed individual in terms of law enforcement, they might be needed!

Also included in the consent agenda items of the Council packet is approval of an operator license for Brian Wayne McMurray. Said operator licenses are routine means by which someone is (effectively) approved to sell alcohol. Last but not least for the present update on the Monday January 4 regular Council meeting schedule was a resolution for NicoleThiel to replace Donelle Spauling as teh person to be honored when makind withdrawals or disbursements from local banks. The resolution titled Resolution No. 2020-015, was signed and dated for December 31 by City Administrator-Clerk-Treasurer Nicole Thiel. Listed as approved “public depositories” in the resolution are Marine Credit Union of 101 N. Broadway Street, Stanley; Associated Bank; a “Local Government Investment Pool” with listed address at P. O. Box 7871, Madison; Forward Financial Bank at 240 S. Broadway Street in Stanley, and Northwestern Bank of 803 E. Murray Street in Boyd. These institutions (per the resolution) qualify as public depositories under Chapter 34 of the Wisconsin Statutes, and are deemed acceptable for City banking purposes, with check or bank transfers by the City Administrator- Clerk-Treasurer to be honored as such. So what does Chapter 34 of the Wisconsin law book state on ‘public depositories’? There’s a web address for that.

Stipulated under “Chapter 34: Public Deposits” at https://docs.legis.wisconsin.gov/statutes/statutes/34, more speci_cally under “34.05 Designation of Public Depositories,” is the following, in pertinent summary: “34.05 (1) The governing board of each public depositor shall, by resolution, designate one or more public depositories… in which the treasurer of the governing board shall deposit all public moneys received by him or her and specify whether the money shall be maintained in time deposits subject to the limitations of statute 66.0603 (1m);” and, “34.05(3)Everytreasurershalldepositpublicmoneysimmediately uponreceiptinthenameofthepublicdepositorinthepublicdepository orpublicdepositoriesdesignatedbythegoverningboard;”and, the governing board of the public depositor may direct the treasurer to deposit said funds in a designated _nancial institution amongst those listed. Last but not least, listed under “de_nitions” in 34.01 (4) of the same chapter, a “public depositor” is de_ned as meaning “the state or any county, city, village , town, drainage district, power district, school district, cooperative educational service agency, sewer district, or any commission, committee, board or of_cer of any governmental subdivision of the state or any court of this state, a corporation organized under 39.33 or the housing and economic development authority if the authority elects to be bound by all or part of this chapter under s. (statute) 234.32 (2), which deposits moneys in a public depository.”

That’s a lot of words from the state to say “local banking options,” but who are we to judge? Best do that work by resolution, and then deposit the funds.