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ITEM 4 3.7. <br />MEMORANDUM <br />TO: Economic Development Authority <br />FROM: Catherine Mehelich, Director of Economic Development/' <br />DATE: January 9, 2006 L <br />SUBJECT: Designation of Official Depositories <br />In the past the EDA has designated depositories similar to those designated by the City <br />Council. Fox 2006, the ED:1 is asked to designate the following banks and institutions as <br />depositories for its funds: <br />• First National Bank of Elk River <br />• 4M Fund <br />• Wells Fargo Bank <br />• The Bank of Elk River <br />• USBank <br />• Riverview Community Bank (in Otsego) <br />Recommendation <br />Staff recommends designating the above-referenced banks and institutions as official <br />depositories fox the EDA fox 2006. <br />