3.3. SR 01-09-2006
*Item #3.3.*
MEMORANDUM
TO:
Mayor and City Council
FROM:
Joan Schmidt, City Clerk
DATE:
January 9, 2006
SUBJECT:
Designation of Official Depositories
State Statute and Elk River Code requires that each city designate an official depository or
depositories for the deposit ofits funds. The attached resolution outlines the depositories to
be used for that purpose.
ACTION REQUESTED
Council adopts the attached resolution authorizing the city's official depositories for 2006.
s: \ Council\) oan \ Council Issues \depositories.doc
RESOLUTION 06-
A RESOLUTION OF THE CITY OF ELK RIVER
A RESOLUTION DESIGNATING DEPOSITORIES OF CITY FUNDS
WHEREAS, Minnesota Statutes Section 118 sets forth the procedures for the deposit
of public funds and it is necessary for the Elk River City Councilor city treasurer to
annually designate a bank (or banks) as the official depository for city funds and manage
the collateral pledged to such funds.
BE IT RESOLVED, by the City Council of the City of Elk River that the following
named banks are hereby designated as the City's official depositories for the funds of
the City of Elk River, Minnesota for 2006:
I. First National Bank of Elk River
2. 4M Fund
3. Wells Fargo
4. The Bank of Elk River
5. US Bank
6. Riverview Community Bank (in Otsego)
BE IT FURTHER RESOLVED that the city treasurer may recommend that
additional depositories be designated for purposes of investing city funds.
Passed and adopted by the City Council of the City of Elk River this 9th day of January,
2006.
Stephanie A. Klinzing, Mayor
ATTEST:
Joan Schmidt, City Clerk
S: \Council\Joan \Council Issues \depositories.doc