RES 21-01City of Elk River
City Council
Resolution 2 1 - 1
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.
Passed and adopted this 4' day of January 2021.
j J. ietz ayor
ATTES .
Tina Allard, City Clerk
NA Ri