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______________________________________________________________________________ <br /> <br />Page 1 of 1 <br /> <br /> <br /> <br /> <br /> <br />UTILITIES COMMISSION MEETING <br /> <br />TO: <br />ERMU Commission <br />FROM: <br />Tony Mauren – Governance & Communications Manager <br />MEETING DATE: <br />December 9, 2025 <br />AGENDA ITEM NUMBER: <br />2.3 <br />SUBJECT: <br />Designate 2026 Official Depository and Delegate Authority for Electronic Funds Transfers <br />ACTION REQUESTED: <br />Adopt Resolution No. 25-9 Designating Official Depository of ERMU Funds and Delegating <br />Authority for Electronic Funds Transfers <br /> <br />BACKGROUND/DISCUSSION: <br />Minnesota Statutes Section 118A.02 sets forth the procedures for the deposit of public funds <br />and it is necessary for the Utilities Commission to annually designate a bank (or banks) as the <br />official depository for utility funds and delegate authority to make electronic funds transfers. <br /> <br />Staff recommends designating First Bank of Elk River as the Utilities’ official depository for the <br />funds of ERMU for 2026, and authorizing the finance manager to designate additional <br />depositories for the purpose of investing funds per our brokers’ recommendation and our <br />investment policy guidelines. Staff also recommends delegating authority to the finance <br />manager for electronic funds transfers. <br /> <br />FINANCIAL IMPACT: <br />N/A <br /> <br />ATTACHMENT: <br />• Resolution No. 25-9 Designating Official Depository of ERMU Funds and Delegating <br />Authority for Electronic Funds Transfers <br /> <br /> <br />37