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RESOLUTION NO. 22-13 <br />BOARD OF COMMISSIONERS <br />ELK RIVER MUNICIPAL UTILITIES <br />A RESOLUTION OF THE BOARD OF COMMISSIONERS OF ELK RIVER MUNICIPAL UTILITIES <br />DESIGNATING DEPOSITORY OF ELK RIVER MUNICIPAL UTILITIES FUNDS AND DELEGATING <br />AUTHORITY FOR ELECTRONIC FUNDS TRANSFERS <br />WHEREAS, Minnesota Statutes Section 118A.02 sets forth the procedures for the deposit of <br />public funds and; <br />WHEREAS, it is necessary for the Utilities Commission or the utilities finance manager to <br />annually designate a bank (or banks) as the official depository for utility funds and manage <br />collateral pledged to such funds; and <br />WHEREAS, the Utilities Commission shall annually delegate the authority to make electronic <br />funds transfers to the utilities finance manager. <br />NOW, THEREFORE, BE IT RESOLVED that the Board of Commissioners of Elk River Municipal <br />Utilities designates First Bank of Elk River as the utilities' official depository for the funds of Elk <br />River Municipal Utilities for 2023. <br />BE IT FURTHER RESOLVED the utilities finance manager may designate additional depositories <br />for the purpose of investing funds per our brokers' recommendation and our investment policy <br />guidelines and be delegated authority for electronic funds transfers. <br />This Resolution Passed and Adopted this 131h day of December 2022. <br />John Dietz, Chair <br />Theresa Slominski, General Manager <br />IN <br />