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RESOLUTION NO. 08- <br />A RESOLUTION OF THE CITY OF ELK RIVER <br />A RESOLUTION DESIGNATING DEPOSITORIES OF CITY FUNDS <br />WHEREAS, Minnesota Statutes Section 118A.02 sets forth the procedures for the deposit <br />of public funds and it is necessary for the Elk River City Council or city treasurer to annually <br />designate a bank (or banks) as the official depository for city funds and manage the collateral <br />pledged to such funds. <br />BE IT RESOLVED, by the City Council of the Ciry of Elk River that the following named <br />banks are hereby designated as the City's official depositories for the funds of the City of Elk <br />River, Minnesota for 2008: <br />1. 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 />7. TCF Bank <br />BE IT FURTHER RESOLVED that the city finance director may recommend that <br />additional depositories be designated for purposes of investing city funds. <br />Passed and adopted by the City Council of the City of Elk River this 7`" day of January, 2008. <br />Stephanie A. Klinzing, Mayor <br />ATTEST: <br />Tina Allard, City Clerk <br />