4.3. SR 01-04-2016Template Updated 4/14
Request for Action
To
Mayor and City Council
Item Number
4.3
Agenda Section
Consent
Meeting Date
January 4, 2016
Prepared by
Tina Allard, City Clerk
Item Description
Resolution Designating Depositories for City Funds
Reviewed by
Cal Portner, City Administrator
Reviewed by
Action Requested
Adopt, by motion, resolution authorizing the city’s official depositories for 2016.
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.
Financial Impact
N/A
Attachments
Resolution
Resolution 16-____
A Resolution of the City of Elk River 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.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk
River, Minnesota, 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 2016:
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
7. UBS
BE IT FUTHER RESOLVED the city finance director may recommend that additional
depositories be designated for purposes of investing funds.
Passed and adopted this 4th day of January 2016.
John J. Dietz, Mayor
ATTEST:
Tina Allard, City Clerk