5.3 ERMUSR 02-13-2018 Elk River
Municipal Utilities UTILITIES COMMISSION MEETING
TO: FROM:
ERMU Commission Theresa Slominski -Finance & Office Manager
MEETING DATE: AGENDA ITEM NUMBER:
February 13, 2017 5.3
SUBJECT:
2018 Bank Signatories
ACTION REQUESTED:
Adopt, by motion, a resolution appointing the bank signatories for 2018.
BACKGROUND:
We require two signatures on all our checks and have always had all three commissioners with
signing authority, in case one is unavailable. Now that we have five commissioners we still have
only three commissioners with signing authority, however, with an exiting commissioner a new
signor is necessary.
DISCUSSION:
The current signors are John Dietz, Daryl Thompson, and Al Nadeau. As the Finance and
Accounting Specialist, I am also a signor on the account but only to facilitate wire transfers for
bond payments, renew our Letter of Credit and the annual charge for the Letter of Credit that
comes directly out of the bank checking account, and set up users for online ACH transactions to
occur.
We use signature stamps to sign the checks and all are under lock and key. An individual stamp
is in the possession of the Payroll and Accounts Payable Specialist for the first signature on all
checks. An individual stamp is also in the possession of the General Manager and the Finance
and Accounting Manager for the second signature. With the term of Daryl Thompson expiring,
and in order to have the smoothest transition of signors, I would like to determine the
replacement check signor from the existing current commissioners and have the new signatures
on file with the bank and another stamp made before the new commissioner starts in March. We
will also need to adopt by resolution the authorized signors for 2018.
ATTACHMENTS:
• Resolution No. 18.3 —Appointing the Bank Signatories for 2018
Page 1 of 1
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RESOLUTION NO. 18-3
BOARD OF COMMISSIONERS
ELK RIVER MUNICIPAL UTILITIES
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF ELK RIVER
MUNICIPAL UTILITIES APPOINTING THE BANK SIGNATORIES FOR 2018.
WHEREAS, ERMU policy requires two signatures on all ERMU checks; and
WHEREAS, ERMU policy is to designate three members of the ERMU Board of
Commissioners to have signing authority.
NOW,THEREFORE, BE IT RESOLVED that the following three members of the
ERMU Board of Commissioners shall have authority to sign checks on behalf of ERMU
during the calendar year 2018.
1. John Dietz
2. Al Nadeau
3.
This Resolution Passed and Adopted this 13th day of February, 2018.
John J. Dietz, Chair
Troy Adams, P.E., General Manager
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