4.3. SR 01-03-2011REQUEST FOR ACTION
TO ITEM NUMBER
Ci Council 4.3.
AGENDA SECTION MEETING DATE PREPARED BY
Consent anua 3, 2011 Tina Allard, Ci Clerk
ITEM DESCRIPTION REVIEWED By
Resolution Designating Depositories of City Funds Lori ohnson, Ci Administrator
REVIEWED BY
ACTION REQUESTED
Council motion to adopt resolution authorizing the city's official depositories for 2011.
BACKGROUND/DISCUSSION
City code and state statute requires the city to designate official depositories for the deposit of its funds.
The attached resolution outlines the depositories to be used for these purposes.
ATTACHMENTS
^ Resolution Designating Depositories for City Funds
Action Motion by Second by Vote
Follow Up
N:\Public Bodies\Ciry Council\Council RCA\Annual First Meeting\Depositories.doc
RESOLUTION I I -
A RESOLUTION OF THE CITY OF ELK RIVER
A RESOLUTION DESIGNATING DEPOSITORIES OF CITY FUNDS
WHEREAS, Minnesota Statutes Section 118A.02 sets forth the procedures for the deposit
of public funds and it is necessary for the Elk River City Council or City Finance Director to
annually designate a bank (or banks) as the official depository for City funds and manage the
collateral pledged to such funds.
BE IT RESOLVED, by the City Council of the City of Elk River that the following named
banks are hereby designated as the City's official depositories for the funds of the City of Elk
River, Minnesota for 2011:
1. First National Bank of Elk River
2. 4M Fund
3. Wells Fargo
4. The Bank of Elk River
5. US Bank
C. TCF Bank
BE IT FURTHER RESOLVED that the City finance director may recommend that
additional depositories be designated for purposes of investing funds.
Passed and adopted by the City Council of the City of Elk River this 3"' day of January,
2011.
John Dietz, Mayor
ATTEST:
Tina Allard, City Clerk
C:AUsers\[allard\AppData\Local\Microso&\WindowsV"Temporary Interne[ Files\Conun[.Outlook\Y[~N6731 IX\l~cpnsitorp
Rrsrilution.doc