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<br />~ ~ ~ <br />I 1 ~ I QTY <br />'~IH~EAS, 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 Finance Dit~ector to <br />annually designate a banl~ ~or banl~s~ as the official depository far City funds and manage the <br />collateral pledged to such funds, <br />B]E IT ~IE~~LVE]J, by the City Council of the City 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 Ells <br />River, Minnesota for 2010: <br />1. Fit~st National Bank of Ells River <br />2. 4M Fund <br />3. ~C1ells Fargo <br />4. The Banl~ of Elk River <br />5. US Bank <br />~, TCF Bank <br />~E ~T FITRTHER. RESOLVED that the City finance director may recommend that <br />additional depositories be designated for purposes of investing funds. <br />Passed and adopted by the City Council of the City of Ells River this 4th day of January, 2010. <br />Stephanie A. l~li.nzing, Mayor <br />ATTEST: <br />Tina Allard, City Clerl~ <br />S,~~ldministration~Council R~t1~Annual i~`irst Meetin~~De~nsitory Resolution.doc <br />