3.3. SR 01-04-2010Ta Item umber
Ci Council 3.3.
Benda eci®n eetin ate reared Y
Co~asent Januar 4, 201 D Tina Allard, Ci Clerk
Item escriti~n e~iewed
Y
Resolution Designating Depositories of City Funds Lori ohnson, Ci Administ~•ato~
evie~ y
cti®n equesed
Council adoption of attached resolution authorizing the city's official depositories fo~• 2010,
ac1~ r~undl ~sc~ssi®n
State statute and Ells River Code reclui~es that each city designate an official depository or de ositories fo~•
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the deposit of funds. The attached resolution outlines the depositories to be used for that pur ose.
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Financial Ire act
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ttachments
~' Resolution designating depositories of city funds
~.~~~mir-is~i'aticm~Cc~~incil ~Z(~~1~11i~~lual ~~irst ll1leetin~~l~~pas~tories.dac
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'~IH~EAS, 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 City Finance Dit~ector to
annually designate a banl~ ~or banl~s~ as the official depository far City funds and manage the
collateral pledged to such funds,
B]E IT ~IE~~LVE]J, 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 Ells
River, Minnesota for 2010:
1. Fit~st National Bank of Ells River
2. 4M Fund
3. ~C1ells Fargo
4. The Banl~ of Elk River
5. US Bank
~, TCF Bank
~E ~T FITRTHER. RESOLVED that the City finance director may recommend that
additional depositories be designated for purposes of investing funds.
Passed and adopted by the City Council of the City of Ells River this 4th day of January, 2010.
Stephanie A. l~li.nzing, Mayor
ATTEST:
Tina Allard, City Clerl~
S,~~ldministration~Council R~t1~Annual i~`irst Meetin~~De~nsitory Resolution.doc