4.3. SR 01-05-09REQUEST FOR ACTION
ver
To Item Number
Ci Council 4,3,
Agenda Section Meeting Date Prepared by
Consent anua 5, 2009 Tina Allard, Ci Clerk
Item Description Reviewed by
Resolution Designating Depositories of City Funds Lori ohnson, Ci Administrator
Reviewed by
Action Requested
Council adoption of attached resolution authorizing the city's official depositories for 2009.
Background/Discussion
State Statute and Elk River Code requires that each city designate an official depository or depositories
for the deposit of funds. The attached resolution outlines the depositories to be used for that purpose.
Financial Impact
N/A
Attachments
^ Resolution designating depositories of city funds
Action Motion by Second by Vote
Follow Up
S:\Administration\Council RCA\Annual First Meeting\2009\Depositories.doc
RESOLUTION 09-
A RESOLUTION OF THE CITY OF ELK RIVER
A RESOLUTION DESIGNATING DEPOSITORIES OF CITY FUNDS
WHEREAS, Minnesota Statutes Section 118A.02 sets forth the procedures for the deposit
of public funds and it is necessary for the Elk River City Council or Ciry 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 Ciry's official depositories for the funds of the Ciry of Elk
River, Minnesota for 2009:
1. 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)
7. TCF Bank
BE IT FURTHER RESOLVED that the Ciry finance director may recommend that
additional depositories be designated for purposes of investing funds.
Passed and adopted by the Ciry Council of the City of Elk River this 5`'' day of January, 2009.
Stephanie A. Klinzing, Mayor
ATTEST:
Tina Allard, City Clerk