RES 20-02of
_ = City of Elk River
ver City Council
Resolution 20- 2
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 Statues 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 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 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 6s' day of January 2020.
ATTEST:
UTina Allard, City Clerk
hn J. ietz, ayor
EEn 1Y
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