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City of Elk River <br />ver City Council <br />Resolution 22-1 <br />A Resolution of the City Council of the City of Elk River Designating Depositories <br />of City Funds and Delegating Authority for Electronic Funds Transfers <br />WHEREAS, Minnesota Statutes �118A.02 sets forth the procedures for the deposit of public funds <br />and; <br />WHEREAS, it is necessary for the Elk River City Council or city finance director to annually <br />designate a bank (or banks) as the official depository for city funds and manage collateral pledged to <br />such funds; and <br />WHEREAS, the Elk River City Council shall annually delegate the authority to make electronic <br />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 River, <br />Minnesota, that the following named banks are hereby designated as the city's official depositories <br />for the funds of the City of Elk River, Minnesota: <br />1. First National Bank of Elk River <br />2. 4M Fund <br />3. The Bank of Elk River <br />4. US Bank <br />5. UBS Financial Services <br />BE IT FURTHER RESOLVED the city finance director may recommend additional depositories <br />be designated for the purpose of investing funds and be delegated authority for electronic funds <br />transfers. <br />Passed and adopted this 3' day of January 2022. <br />WJ.ietz, <br />ATTEST: <br />Tina Allard, City Clerk <br />