ERMU RES 21-19 RESOLUTION NO. 21-19
BOARD OF COMMISSIONERS
ELK RIVER MUNICIPAL UTILITIES
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF ELK RIVER MUNICIPAL UTILITIES
DESIGNATING DEPOSITORY OF ELK RIVER MUNICIPAL UTILITIES 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;
WHEREAS, it is necessary for the Utilities Commission or the utilities finance manager to
annually designate a bank (or banks) as the official depository for utility funds and manage
collateral pledged to such funds; and
WHEREAS, the Utilities Commission shall annually delegate the authority to make electronic
funds transfers to the utilities finance manager.
NOW,THEREFORE, BE IT RESOLVED that the Board of Commissioners of Elk River Municipal
Utilities designates First Bank of Elk River as the utilities' official depository for the funds of Elk
River Municipal Utilities for 2022.
BE IT FURTHER RESOLVED the utilities finance manager may designate additional depositories
for the purpose of investing funds per our brokers' recommendation and our investment policy
guidelines and be delegated authority for electronic funds transfers.
This Resolution Passed and Adopted this 14th day of December 2021.
John Dietz, Chair
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Theresa Slominski, General Manager