2.5 ERMUSR 04-14-2020UTILITIES COMMISSION MEETING
TO: FROM:
ERMU Commission Theresa Slominski Administrations Director
MEETING DATE: AGENDA ITEM NUMBER:
April 14, 2020 2.5
SUBJECT:
Resolution Appointing the Bank Signatories and Designating Authority to Make Financial
Transfers
ACTION REQUESTED:
Adopt Resolution No. 20-4 Appointing the Bank Signatories and Designating Authority to Make
Financial Transfers.
BACKGROUND:
We have three different accounts at the First Bank of Elk River: a deposit account, a checking
account, and a repo savings account. We also have a depository account at the Bank of Elk
River. All of these accounts require authority for certain financial transactions. We require two
signatures on all our checks and have always had three commissioners with signing authority, in
case one is unavailable. With a new Finance Manager, we need to update the signatories.
DISCUSSION:
The current signors are John Dietz, Al Nadeau, and Mary Stewart. The Finance Manager should
also be a signor on the account but only to facilitate wire transfers for bond payments, transfer
funds between accounts, renew our Letter of Credit and the annual charge for the Letter of
Credit that comes directly out of the bank checking account, and take care of administration of
the accounts.
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 Administrations Director and the
Finance Manager for the second signature. If the signatures change from the current three
commissioners, we would need to have another stamp made.
We will need a resolution (attached) for the authorizations to start the process. When we are
able to meet in person, we can gather the actual signatures from individuals, or perhaps the
bank can initiate electronic signature collection.
ATTACHMENT:
Resolution No. 20-4 Appointing the Bank Signatories and Designating Authority to
Make Financial Transfers
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RESOLUTION NO. 20-4
BOARD OF COMMISSIONERS
ELK RIVER MUNICIPAL UTILITIES
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF ELK RIVER MUNICIPAL
UTILITIES APPOINTING BANK SIGNATORIES, AND DESIGNATING AUTHORITY TO MAKE
FINANCIAL TRANSFERS.
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; and
WHEREAS, ERMU has a depository account, a savings account, and a checking account;
and
WHEREAS, the Board of Commissioners finds it desirable to designate certain ERMU
employees to have authority to execute transfers between ERMU funds, to make bond
payments, and to process fees related to financial transactions.
NOW, THEREFORE, BE IT RESOLVED:
1. That the following three members of the ERMU Board of Commissioners shall
have authority to sign checks on behalf of ERMU: John Dietz, Al Nadeau, and
Mary Stewart.
2. That the ERMU Administrations Director and the ERMU Finance Manager shall
have authority to process fees, to make bond payments, and to execute fund
transfers between the ERMU depository account, savings account, and checking
account.
3. That the authority granted by this Resolution shall remain in effect until revoked
or revised by a subsequent resolution of the Board of Commissioners.
th
day of April, 2020.
This Resolution Passed and Adopted this 14
John J. Dietz, Chair
Troy Adams, P.E., General Manager
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