5.3 ERMUSR 02-13-2018 - Laserfiche WebLink

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Elk River Municipal Utilities UTILITIES COMMISSION MEETING TO: FROM: ERMU Commission Theresa Slominski -Finance & Office Manager MEETING DATE: AGENDA ITEM NUMBER: February 13, 2017 5.3 SUBJECT: 2018 Bank Signatories ACTION REQUESTED: Adopt, by motion, a resolution appointing the bank signatories for 2018. BACKGROUND: We require two signatures on all our checks and have always had all three commissioners with signing authority, in case one is unavailable. Now that we have five commissioners we still have only three commissioners with signing authority, however, with an exiting commissioner a new signor is necessary. DISCUSSION: The current signors are John Dietz, Daryl Thompson, and Al Nadeau. As the Finance and Accounting Specialist, I am also a signor on the account but only to facilitate wire transfers for bond payments, renew our Letter of Credit and the annual charge for the Letter of Credit that comes directly out of the bank checking account, and set up users for online ACH transactions to occur. We use signature stamps to sign the checks and all are under lock and key. An individual stamp is in the possession of the Payroll and Accounts Payable Specialist for the first signature on all checks. An individual stamp is also in the possession of the General Manager and the Finance and Accounting Manager for the second signature. With the term of Daryl Thompson expiring, and in order to have the smoothest transition of signors, I would like to determine the replacement check signor from the existing current commissioners and have the new signatures on file with the bank and another stamp made before the new commissioner starts in March. We will also need to adopt by resolution the authorized signors for 2018. ATTACHMENTS: • Resolution No. 18.3 —Appointing the Bank Signatories for 2018 Page 1 of 1 144