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<br />RESOLUTION 06- <br /> <br />A RESOLUTION OF THE CITY OF ELK RIVER <br /> <br />A RESOLUTION DESIGNATING DEPOSITORIES OF CITY FUNDS <br /> <br />WHEREAS, Minnesota Statutes Section 118 sets forth the procedures for the deposit <br />of public funds and it is necessary for the Elk River City Councilor city treasurer to <br />annually designate a bank (or banks) as the official depository for city funds and manage <br />the collateral pledged to such funds. <br /> <br />BE IT RESOLVED, by the City Council of the City of Elk River that the following <br />named banks are hereby designated as the City's official depositories for the funds of <br />the City of Elk River, Minnesota for 2006: <br /> <br />I. 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. Riverview Community Bank (in Otsego) <br /> <br />BE IT FURTHER RESOLVED that the city treasurer may recommend that <br />additional depositories be designated for purposes of investing city funds. <br /> <br />Passed and adopted by the City Council of the City of Elk River this 9th day of January, <br />2006. <br /> <br />Stephanie A. Klinzing, Mayor <br /> <br />ATTEST: <br /> <br />Joan Schmidt, City Clerk <br /> <br />S: \Council\Joan \Council Issues \depositories.doc <br />