4.3. SR 01-09-2012REQUEST FOR ACTION
TO ITEM NUMBER
Ma ox and Ci Council 4.3
AGENDA SECTION MEETING DATE PREPARED BY
Consent anus 9,2012 Tina Allard, Ci Clerk
ITEM DESCRIPTION REVIEWED By
Resolution Designating Depositories of City Funds Cal Poxtnex, Ci Adtxtinistxatox
REVIEWED BY
ACTION REQUESTED
Adopt the attached resolution authorizing the city's official depositories fox 2012.
BACKGROUND/DISCUSSION
City code and state statute require 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 of City Funds
ACtIOn Motion by Second by _ Vote
Follow Up
vawtRlo er
N:\PubGc Bodies\City Council\Council RCA\Annual Pic.[ Meeting\Deposi[ones.docs ~y ~~~~~~
RESOLUTION 12-
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 fox the deposit
of public funds and it is necessary fox the Elk River City Council ox city finance director to
annually designate a bank (ox banks) as the official depository fox 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 fox the funds of the City of Elk
River, Minnesota fox 2012:
1. First National Bank of Elk River
2. 4M Fund
3. Wells Fargo
4. The Bank of Elk River
5. US Bank
6. 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 9`h day of January, 2012.
John J. Dietz, Mayor
ATTEST:
Tina Allard, City Clerk
N:\Pub6c Bodies\City Council\Council RCA\Annual First Meeting\Depository Resolution.doc