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of <br />_ = City of Elk River <br />ver City Council <br />Resolution 20- 2 <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 6s' day of January 2020. <br />ATTEST: <br />UTina Allard, City Clerk <br />hn J. ietz, ayor <br />EEn 1Y <br />ru�E <br />