HomeMy WebLinkAboutResolution - 92-139 - Authorizing Treasurer or Deputy Treasurer to Make Electronic Fund Transfers for City of Eden Prairie - 07/07/1992 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 92-139
A RESOLUTION AUTHORIZING THE TREASURER OR DEPUTY
TREASURER TO MAKE ELECTRONIC FUND TRANSFERS FOR
CITY OF EDEN PRAIRIE
BE IT RESOLVED, by the City Council of the City of Eden
Prairie, County of Hennepin, that the City Treasurer or Deputy
Treasurer is authorized to make electronic fund transfers with any
bank, or other financial institution authorized to do business in
the State of Minnesota, for investments of excess cash, payment of
bond principal , bond interest and a fiscal agent services charges,
monthly sales tax, and state payroll withholdings and other banking
transactions deemed appropriate by the treasurer.
ADOPTED by the City Council o
7th_ day of 1992.
0City Eden Prairie this
ATTEST:
ELECTRONIC FUNDS TRANSFER POLICY
The Treasurer and Deputy Treasurer are authorized to access the Banks
Customer Money Transfer (CMT) System for the following services:
1. To obtain transaction reports listing incoming and outgoing messages and
advice of debits and credits.
2. Initiation of outgoing preprogrammed funds transfers that contain
destination, debit and credit fields that remain constant. The preprogramming
of these transfers will be performed or updated by Bank employees upon
written request from the City.
3. Initiation of outgoing future dated funds transfers.
The CMT system provides valuable security features to prevent unauthorized
individuals access to the system. CMT allows the City to control what
information is accessed by each authorized user.
A User ID is unique to each person accessing CMT. A password is required to
access the system. Every 30 days the password is changed by user. The
password is not displayed on the screen as you key it so that security is
maintained . Both User ID & password must be entered correctly to access
system. After three unsuccessful attempts you are automatically disconnected.
Anyone re-dialing into CMT will receive the error message, USER NOT
AUTHORIZED. First Bank will not accept a phone call , asking to verify the
password the request must be in written in order to access the system.
A personal identification number is the same as the security code issued for
telephone initiated wire transfers.
Call back parties are the the final authority to approve wire transfers.
Should First Bank question the authenticity, dollar amount, destination bank,
etc. , of a wire transfer, a Call-Back Party is contacted.
Repeat codes offer increased security over Freeform Fedwires because
beneficiary bank, name and account number cannot be changed. Wire transfers
that use repeat codes include Repetitive Fedwires, Semi-repetitive Fedwires.
By using message limitations for wire transfer initiation, the city can
establish greater internal controls. Initially arepetitive code has been set
up to wire money to the various banks and financial institutions. Also a
freeform can be made to transfer if the institution has not been set up with
repetitive codes. When a CMT is required a repetitive code or freeform is
entered and a hard copy is printed at the workstation at City Hall . This
transaction is kept on file with confirmations from the bank or financial
institution .
All amounts transferred , except investment transfers,are submitted on the
��� last prelist of the month which is approved by the City Council .
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