RES 24-01City of
Elk
River
City of Elk River
City Council
Resolution 24-01
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 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 2nd day of January 2024.
ATTEST:
Tina Allard, City Clerk
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NATURE