5.6. SR 01-07-2019 EGty1� ,.,�� Request for Action
River
To Item Number
Mayor and City Council 5.6
Agenda Section Meeting Date Prepared by
ConsentJanuary 7, 2019 Tina Allard, City Clerk
Item Description Reviewed by
Designate Official Depositories and Delegate Cal Portner, City Administrator
Authority for Electronic Funds Transfers Reviewed by
Lori Ziemer, Finance Director
Action Requested
Adopt,by motion, a resolution authorizing the city's official depositories for 2019 and delegate authority
for electronic funds transfers.
Background/Discussion
City code and state statute require the city to designate official depositories for the deposit of funds and
delegate authority to make electronic funds transfers. The attached resolution outlines the depositories to
be used for these purposes and delegates authority for electronic funds transfers.
Financial Impact
N/A
Attachments
■ Resolution
The Elk River Vision
A wehoMing community withrevolutionary and spirited resourcefulness, exceptional POWERED By
service, and community engagement that encourages and inspires prosperity INAWRE1
City of
Elk City of Elk River
Wver City Council
Resolution 19-
A Resolution of the City Council of the City of Elk River Designating
Depositories of City Funds and Delegating Authority for Electronic Funds
Transfers
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; and,
WHEREAS, the Elk River City Council shall annually delegate the authority to make
electronic funds transfers to the city finance director or the officer's designee.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk
River,Minnesota, that the following named banks are hereby designaed 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 IT FURTHER RESOLVED the city finance director may recommend additional
depositories be designated for the purpose of investing funds and be delegated authority for
electronic funds transfers.
Passed and adopted this 71h day of January 2019.
John J. Dietz,Mayor
ATTEST:
Tina Allard, City NATUREJ