2.5 ERMUSR 12-11-2018 Elk River
Municipal Utilities UTILITIES COMMISSION MEETING
TO: FROM:
ERMU Commission Troy Adams, P.E.—General Manager
MEETING DATE: AGENDA ITEM NUMBER:
December 11, 2018 2.5
SUBJECT:
2019 Official Depository
ACTION REQUESTED:
Designate First National Bank of Elk River as the official depository for 2019, and authorize the
Finance & Office Manager to designate additional depositories for the purpose of investing funds
per our brokers' recommendation and our investment policy guidelines.
BACKGROUND/DISCUSSION:
Minnesota Statutes Section 118A.02 sets forth the procedures for the deposit of public funds and
it is necessary for the Utilities Commission to annually designate a bank(or banks) as the official
depository for utility funds.
Staff recommends designating First National Bank of Elk River as the utility's official
depository for the funds of Elk River Municipal Utilities for 2019. Staff also recommends the
Finance & Office Manager is able to designate additional depositories for the purpose of
investing funds per our brokers' recommendation and our investment policy guidelines.
FINANCIAL IMPACT:
N/A
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