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ElkRiver ---~ <br />Municipal Utilities <br />13069 Orono Parkway • P.O. Box 430 Phooe: 763.4411020 <br />Elk River, MN 55330-0430 Pax: 763.441.5099 <br />UTILITIES COMMISSION MEETING <br />TO: - ORF ORF ~I: i <br />Elk River Municipal Utilities Commission Theresa Slominski -Finance Director <br />John Dietz, Chair <br />Jerry Gumphrey, Vice Chair <br />Daryl Thompson, Tnistee _ <br />MEETING llATE: ~ AGENDA 1TEM NUMBER: <br />November 16, 2010 Consent Agenda d. <br />SUBJECT: <br />Bank of Elk River Resolution for CD investments <br />BACKGROUND: <br />Typically, we have invested our reserve funds in some CDs at First National Bank, where we <br />also have our checking and savings accounts, and Centt al Bank (prcaiously Kiverview Bank), <br />with the majority of it being invested with the firms of Piper Jaffray, Smith Barney, and Dain <br />Rauscher. I would also like to have a CD at the other local bank, The Bank of Elk River. <br />D1SCliSSION: <br />Having funds invested in our local banks is good for our conmiunity, and reflects well on the <br />local utility. A resolution is necessary to move forward with a CD investment at The Bank of Elk <br />River. FDIC limits are at X250,000 and so we would be investing slightly below that to allow for <br />interest growth. <br />ACTION REQUESTED: <br />We will need a motion and vote at our meeting to approve this action, and a corporate <br />authorization resolution (attached for review) will need to be executed. <br />