5.4. SR 01-04-2021
Request for Action
To Item Number
Mayor and City Council 5.4
Agenda Section Meeting Date Prepared by
Consent January 4, 2021 Tina Allard, City Clerk
Item Description Reviewed by
Declare Official Depositories and Delegate Lori Ziemer, Finance Director
Authority for Electronic Funds Transfer
Reviewed by
Cal Portner City Administrator
Action Requested
Adopt, by motion, a resolution authorizing the city’s official depositories for 2021 and delegate authority for
electronic funds transfers.
Background/Discussion
City code and state law require the city to designate official depositories for the deposit of funds and delegate
authority to make electronic funds transfers.
Financial Impact
N/A
Mission/Policy/Goal
Elk River Municipal Mission Components: Responsible for every dollar – good stewards
Attachments
Resolution
The Elk River Vision
A welcoming community with revolutionary and spirited resourcefulness, exceptional
service, and community engagement that encourages and inspires prosperity.
Updated: August 2020
City of Elk River
City Council
Resolution 21-____
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 §118A.02 sets forth the procedures for the deposit of
public funds and;
WHEREAS, 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
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. Fist 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 RESOLOVED the city finance director may recommend additional
depositories be designated for the purpose of investing funds and be delegated authority for
electronic funds transfers.
th
Passed and adopted this 4 day of January 2021.
John J. Dietz, Mayor
ATTEST:
Tina Allard, City Clerk