RES 16-01Resolution 16- 01
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 4`h day of January 2016.
ATTEST:
Tina Allard, City Clerk
1)ma -
J n J. ietz,ay r
NATURE'