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+~u~~ulcu.+- 31~Ic~s <br />aJ t~~, <br />The City of Elk River's Official Depository Policy <br />As I have stated before I do not have any problem with the River View bank <br />in Otsego. I believe they are an asset to "their"community. <br />As we are an arm of our city government I think that we need to be <br />cognizant of the part we play in the handling of the fund that we receive <br />from our community. <br />The HRA and other units such as the EDA and even the city, to a degree, <br />need to look at how we us the funds that collected from our tax base. <br />At the beginning of the year we set forth the levy from which we get our <br />funding, and then say where the funds that we are not using for given project <br />are to be keep until they are put to use. That is in bank or financial <br />institution. <br />We all know how the banks us the fund that are put in them on deposit. <br />They are used hopefully to help others in the city, or make improvements in <br />their faculties, which will increase their tax base. We are here to work on <br />redevelopment and economic development of Elk River, therefore if that is <br />the case why would we put fund in a bank that does not fit those guidelines. <br />I spoke to a member of the city council and was told that some of the banks <br />on the list do not give any thing back to the community, so therefore the <br />feeling was they should not be in the loop. This may be true but we need to <br />look at just from where the funds we get come from. I hope that the city is <br />not being run on the philosophy of you scratch my back I will scratch your <br />back. If we are not using the funds generated and they are on deposit these <br />fund should be available for us in the city. If they are not then that is what I <br />call "taxation with benefit." Even though some of the larger banks may not <br />give hand outs they are a source of the funds that are used by this and other <br />facets of the city government. So therefore in my humble view that is where <br />the funds should be on deposit, not in an out of town bank that is in direct <br />competition with those in the city where we are trying to promote <br />development. <br />Larry R Toth <br />