RES 23-01U
`W- City of Elk River
ver City Council
Resolution 23-1
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 5118A.02 sets forth the procedures for the deposit of public funds; and
WHEREAS, it is necessary for the Elk River City Council or its delegate 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 manager 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. Wells Fargo
4. The Bank of Elk River
5. US Bank
6. UBS Financial Services
BE IT FURTHER RESOLVED the city finance manager may recommend additional
depositories be designated for the purpose of investing funds and be delegated authority for
electronic funds transfers.
Passed and adopted this Y6 day of January 2023.
ATTEST:
42
Tina Allard, City Clerk
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