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<br /> <br /> <br />Request for Action <br /> <br /> <br />To Item Number <br /> <br />Economic Development Authority 3.6 <br />Agenda Section Meeting Date Prepared by <br /> <br />Consent AgendaJanuary 17, 2017Amanda Othoudt, EDD <br />Item Description Reviewed by <br />Designation of Official Depositories Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br /> <br />Designate, by motion, the referenced banks and institutions as official depositories for the EDA for 2017. <br /> <br />Background/Discussion <br /> <br />As per EDA Bylaws, the designation of official depositories is suggested at the Annual Meeting of the <br />EDA. <br /> <br />Historically, the EDA has designated depositories similar to those designated by the City Council. For <br />2017, the EDA is asked to designate the following banks and institutions as depositories for its funds: <br /> <br /> <br />First National Bank of Elk River <br /> <br /> <br />4M Fund <br /> <br /> <br />Wells Fargo Bank <br /> <br /> <br />The Bank of Elk River <br /> <br /> <br />US Bank <br /> <br /> <br />TCF Bank <br /> <br /> <br />UBS <br /> <br />Financial Impact <br /> <br />N/A <br /> <br />Attachments <br /> <br /> <br /> <br />N/A <br /> <br />