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<br /> <br /> <br />City of Elk River <br /> <br />City Council <br /> <br />Resolution 21-____ <br /> <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 /> <br />WHEREAS, Minnesota Statutes §118A.02 sets forth the procedures for the deposit of <br />public funds and; <br /> <br />WHEREAS, 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 <br />collateral pledged to such funds; and <br /> <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 /> <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 /> <br />1. Fist 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 /> <br />BE IT FURTHER RESOLOVED 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 /> <br />th <br />Passed and adopted this 4 day of January 2021. <br /> <br /> <br /> John J. Dietz, Mayor <br /> <br /> <br /> <br />ATTEST: <br /> <br /> <br />Tina Allard, City Clerk <br /> <br />