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City of <br />Elk -�-� <br />RiVer <br />City of Elk River <br />City Council <br />Resolution 23- <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; and <br />WHEREAS, it is necessaryr foY the Elk River Cityr Council or its delegate to annuallyr designate a <br />bank (oY banks) as the official depository for cityr funds and manage collateral pledged to such funds; <br />and <br />WHEREAS, the Elk River CityT Council shall annuall�T delegate the authorityT to make electronic <br />funds transfers to the city- finance manager or the officer's designee. <br />NOW, THEREFORE, BE IT RESOLVED byT the CityT Council of the City of Elk River, <br />Minnesota, that the following named banks are herebyT designated as the city's official depositories <br />foY the funds of the City of Elk RiveY, Minnesota: <br />1. First National Bank of Elk RiveY <br />2. 4M Fund <br />3. Wells Fargo <br />4. The Bank of Elk RiveY <br />5. US Bank <br />6. UBS Financial Services <br />BE IT FURTHER RESOLVED the cit�r finance manager may recommend additional <br />depositories be designated for the purpose of investing funds and be delegated authorit�T for <br />electronic funds transfers. <br />Passed and adopted this 3T� day of January 2023. <br />John J. Dietz, MayoY <br />ATTEST: <br />Tina Allard, Cit�T Clerk <br />