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ht °f Request for Action <br /> River <br /> To Item Number <br /> Economic Development Authority 3.6 <br /> Agenda Section Meeting Date Prepared by <br /> Consent Agenda January 19,2016 Amanda Othoudt, EDD <br /> Item Description Reviewed by <br /> Designation of Official Depositories Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> Designate,by motion, the referenced banks and institutions as official depositories for the EDA for 2016. <br /> Background/Discussion <br /> As per EDA Bylaws, the designation of official depositories is suggested at the Annual Meeting of the <br /> EDA. <br /> Historically, the EDA has designated depositories similar to those designated by the City Council. For <br /> 2016, the EDA is asked to designate the following banks and institutions as 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 /> • US Bank <br /> • TCF Bank <br /> • UBS <br /> Financial Impact <br /> N/A <br /> Attachments <br /> • N/A <br /> IrliEREI 8 1 <br /> NATURE <br />