4.3. SR 01-02-2018 EOty1� ,.,�� Request for Action
River
To Item Number
Mayor and City Council 4.3
Agenda Section Meeting Date Prepared by
ConsentJanuary 2, 2018 Tina Allard, City Clerk
Item Description Reviewed by
Designate Depositories for City Funds Cal Portner, City Administrator
Reviewed by
Lori Ziemer, Finance Director
Action Requested
Adopt,by motion,resolution authorizing the city's official depositories for 2018.
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
POWERED 6T
Template Updoted 4/14 INAWRE1
City of
Elk City of Elk River
Wver City Council
Resolution 18-
A Resolution of the City Council 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, as follows: the following named banks are hereby designated as the city's
official depositories for the funds of the City of Elk River,Minnesota:
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 IR FURTHER RESOLVED the city finance director may recommend additional
depositories be designed for the purpose of investing funds.
Passed and adopted this 2nd day of January 2018.
John J. Dietz,Mayor
ATTEST:
Tina Allard, City NATUREJ