RES 22-01City of Elk River
ver City Council
Resolution 22-1
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. First National Bank of Elk River
2. 4M Fund
3. The Bank of Elk River
4. US Bank
5. 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 3' day of January 2022.
WJ.ietz,
ATTEST:
Tina Allard, City Clerk