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City of <br /> Elk City of Elk River <br /> Wver City Council <br /> Resolution 20- <br /> A Resolution of the City Council of the City of Elk River Designating <br /> Depositories of City Funds and Delegating Authority for Electronic Funds <br /> Transfers <br /> WHEREAS, Minnesota Statues Section 118A.02 sets forth the procedures for the deposit <br /> of public funds and it is necessary for the Elk River City Council or city finance director to <br /> annually designate a bank (or banks) as the official depository for city funds and manage the <br /> collateral pledged to such funds; and. <br /> WHEREAS, the Elk River City Council shall annually delegate the authority to make <br /> electronic funds transfers to the city finance director or the officer's designee. <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk <br /> River,Minnesota, that the following named banks are hereby designated as the city's official <br /> depositories for the funds of the City of Elk River,Minnesota: <br /> 1. First National Bank of Elk River <br /> 2. 4M Fund <br /> 3. Wells Fargo <br /> 4. The Bank of Elk River <br /> 5. US Bank <br /> 6. UBS Financial Services <br /> BE IT FURTHER RESOLVED the city finance director may recommend additional <br /> depositories be designated for the purpose of investing funds and be delegated authority for <br /> electronic funds transfers. <br /> Passed and adopted this 61h day of January 2020. <br /> John J. Dietz,Mayor <br /> ATTEST: <br /> Tina Allard, City NATUREJ <br />