4.3. SR 01-03-2017Request for Action
To Item Number
Mayor and City Council 4.3
Agenda Section Meeting Date Prepared by
Consent January 3, 2017 Tina Allard, City Clerk
Item Description Reviewed by
Resolution Designating Depositories for City Funds Cal Portner, City Administrator
Reviewed by
Lori Ziemer, Finance Director
Action Requested
Adopt, by motion, a resolution authorizing the city’s official depositories for 2017.
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 17-____
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 2017:
1. First National Bank of Elk River
2. 4M Fund
3. Wells Fargo
4. The Bank of Elk River
5. US Bank
6. UBS Financial Services
BE IT FUTHER RESOLVED the city finance director may recommend additional
depositories be designated for purposes of investing funds.
rd
Passed and adopted this 3 day of January 2017.
John J. Dietz, Mayor
ATTEST:
Tina Allard, City Clerk