5.2. SR 01-02-2007
City of Elk River Item Number
REQUEST FOR COUNCIL ACTION 5.2.
Agenda Section I Meeting Date Prepared by
COllsent January. 2, 2007 Tina ~\llard, City Clerk
Item Description Reviewed by
Resolution Designatlllg Depositories of Citv Funds
Introduction
State Statute alld Ell( Ri\Ter Code requires tllat eacll city designate an official depository or depositories
for tlle deposit of its nlllds. TIle attacIled resolution outlllles tIle depositories to be used for tllat pUlpose.
Discussion
NOlle
Financial Impact
N /-1\
Attachments
· Resolution Desigrlating Depositories of City FUllds
Action Requested
It is requested tllat tile COl111Cil adopt tlle attached resolutioll autllorizing tlle city's official depositories
for 2007.
Council Action
I\Iotion by
Second by
\lote
Follow Up
T: \TIN A \Annual17irst0.1eeting \Depositories.doc
RESOLUTION NO. 07-_
A RESOLUTION OF THE CITY OF ELK RIVER
A RESOLUTION DESIGNATING DEPOSITORIES OF CITY FUNDS
WHEREAS, 11innesota Statutes Section 118~\.02 sets fortll tlle procedures for tlle deposit
of public funds and it is necessar)t for tlle Elk River City Council or city treasurer to annually
designate a bank (or bal1ks) as tlle official depository for city funds and lnanage tlle collateral
pledged to SUCll funds.
BE IT RESOLVED, by tlle Cit~y Council of tlle City of Elk River tllat tlle follo\ving named
banks are hereby desigtlated as tlle City's official depositories for tlle funds of tlle City! of Elk
R..iv'er, l\lulnesota for 2007:
1. First National Bank, of Elk River
2. 4rvl Fund
3. \X1 ells Fargo
4. TIle Bank of Ell( Ri\ter
5. LiS Ballk
6. R..i'vervie\v Conununity Bank (in Otsego)
BE IT FURTHER RESOLVED tllat tlle city, treasurer Inay recorrunend tllat additional
depositories be designated for purposes of in\Testil1g city ful1ds.
Passed and adopted by tlle City! Cotlncil of tlle City of Elk Ri\Ter dlls 2nd day of January,
2007.
Stephanie .r\.. I<Jinzing, :tvlayor
~\ TTES1~:
Tina ~"\llard, City Clerk
s: \Resolut.ions \2007\ U napproved\Depositories.doc