5.5 SR 01-03-2023Request for Action
To Item Number
Ma Tor and CinT Council 5.5
Agenda Section Meeting Date Prepared by
Consent January 3, 2023 Tina Allard, CityT Clerk
Item Description Reviewed by
Declare Official Depositories and Delegate Lori Stich, Finance Mana er
Authorit�T for Electronic Funds Transfer Reviewed by
Cal Portner, Ci r Administrator
Action Requested
Adopt, byT motion, a resolution authorizing the cityT's official depositories for 2023 and delegate authorityT for
electronic funds transfers.
Background/Discussion
Cit�T code and state law require the cit�T to annuall�T designate official depositories for the deposit of funds and
delegate authorityT to make electronic funds transfers.
Financial Impact
N/A
Mission/Policy/Goal
Elk River Municipal Mission Components: Responsible for everyT dollar — good stewards
Attachments
■ Resolution
The Elk River Vision
A 2a�elcolning co�nlnunity 2a�ith T evolutiona� y and spizzted T esou� cefulness, exceptional
se�vice, and coln�nunity engagelnent that encou�ages and ins�iz•es pTo�pe�zty.
PowEREo ar
�I'1 ����
Up�iited.• August 2020
City of
Elk -�-�
RiVer
City of Elk River
City Council
Resolution 23-
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 necessaryr foY the Elk River Cityr Council or its delegate to annuallyr designate a
bank (oY banks) as the official depository for cityr funds and manage collateral pledged to such funds;
and
WHEREAS, the Elk River CityT Council shall annuall�T delegate the authorityT to make electronic
funds transfers to the city- finance manager or the officer's designee.
NOW, THEREFORE, BE IT RESOLVED byT the CityT Council of the City of Elk River,
Minnesota, that the following named banks are herebyT designated as the city's official depositories
foY the funds of the City of Elk RiveY, Minnesota:
1. First National Bank of Elk RiveY
2. 4M Fund
3. Wells Fargo
4. The Bank of Elk RiveY
5. US Bank
6. UBS Financial Services
BE IT FURTHER RESOLVED the cit�r finance manager may recommend additional
depositories be designated for the purpose of investing funds and be delegated authorit�T for
electronic funds transfers.
Passed and adopted this 3T� day of January 2023.
John J. Dietz, MayoY
ATTEST:
Tina Allard, Cit�T Clerk