2.5 ERMUSR 05-09-2023Elk River
Municipal Utilities UTILITIES COMMISSION MEETING
TO:
FROM:
ERMU Commission
Melissa Karpinski — Finance Manager
MEETING DATE:
AGENDA ITEM NUMBER:
May 9, 2023
2.5
SUBJECT:
Resolution Appointing the Bank Signatories and Designating Authority to Make Financial
Transfers
ACTION REQUESTED:
Adopt Resolution No. 23-6 Appointing the Bank Signatories and Designating Authority to Make
Financial Transfers.
BACKGROUND:
We have four different accounts at the First Bank of Elk River: a deposit account, a checking
account, and two repo savings accounts. We also have a depository account at the Bank of Elk
River. All of these accounts require authority for certain financial transactions. We require two
signatures on all our checks and have always had three commissioners with signing authority, in
case one is unavailable. With the change in commissioners, we need to update the signatories.
DISCUSSION:
The current signors are John Dietz, Al Nadeau, and Mary Stewart. We need to remove Al
Nadeau and add Nick Zerwas. The finance manager also is a signor on the account but only to
facilitate wire transfers for bond payments, transfer funds between accounts, renew our Letter
of Credit and the annual charge for the Letter of Credit that comes directly out of the bank
checking account, and take care of administration of the accounts. The general manager is a
backup signor for the finance manager.
We use signature stamps to sign the checks, and all are under lock and key. An individual stamp
is in the possession of the payroll and accounts payable specialist for the first signature on all
checks. An individual stamp is also in the possession of the general manager and the finance
manager for the second signature. With the signatures changing from the current three
commissioners, we would need to have another stamp made.
We will need a resolution (attached) for the authorizations to start the process. When we are
able to meet in person, we can gather the actual signatures from individuals, or perhaps the
bank can initiate electronic signature collection.
ATTACHMENT:
• Resolution No. 23-6 — Appointing the Bank Signatories and Designating Authority to
Make Financial Transfers
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