2.3 ERMUSR 12-13-2022��i
Elk River
Municipal Utilities UTILITIES COMMISSION MEETING
TO:
FROM:
ERMU Commission
Tony Mauren — Executive Administrative Manager
MEETING DATE:
AGENDA ITEM NUMBER:
December 13, 2022
2.3
SUBJECT:
Designate 2023 Official Depository and Delegate Authority for Electronic Funds Transfers
ACTION REQUESTED:
Adopt Resolution No. 22-13 Designating Official Depository of ERMU Funds and Delegating
Authority for Electronic Funds Transfers
BACKGROUND/DISCUSSION:
Minnesota Statutes Section 118A.02 sets forth the procedures for the deposit of public funds
and it is necessary for the Utilities Commission to annually designate a bank (or banks) as the
official depository for utility funds and delegate authority to make electronic funds transfers.
Staff recommends designating First Bank of Elk River as the utilities' official depository for the
funds of ERMU for 2023, and authorizing the finance manager to designate additional
depositories for the purpose of investing funds per our brokers' recommendation and our
investment policy guidelines. Staff also recommends delegating authority to the finance
manager for electronic funds transfers.
FINANCIAL IMPACT:
N/A
ATTACHMENT:
• Resolution No. 22-13 Designating Official Depository of ERMU Funds and Delegating
Authority for Electronic Funds Transfers
Page 1 of 1
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RESOLUTION NO. 22-13
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 2023.
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 131h day of December 2022.
John Dietz, Chair
Theresa Slominski, General Manager
IN