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City of Elk River <br />City Council <br />Resolution 19-°L <br />A Resolution of the City Council of the City of Elk River Designating <br />Depositories of City Funds and Delegating Authority for Electronic Funds <br />Transfers <br />WHEREAS, Minnesota Statutes Section 118A.02 sets forth the procedures for the deposit <br />of public funds and it is necessary for the Elk River City Council or city finance director to <br />annually designate a bank (or banks) as the official depository for city funds and manage the <br />collateral pledged to such funds; and, <br />WHEREAS, the Elk River City Council shall annually delegate the authority to make <br />electronic funds transfers to the city finance director or the officer's designee. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk <br />River, Minnesota, that the following named banks are hereby designaed as the city's official <br />depositories for the funds of the City of Elk River, Minnesota: <br />1. First National Bank of Elk River <br />2. 4M Fund <br />3. Wells Fargo <br />4. The Bank of Elk River <br />5. US Bank <br />6. UBS Financial Services <br />BE IT FURTHER RESOLVED the city finance director may recommend additional <br />depositories be designated for the purpose of investing funds and be delegated authority for <br />electronic funds transfers. <br />Passed and adopted this 7"' day of January 2019. <br />ATTEST: <br />Tina Allard, City Clerk <br />n J. ietz, M or <br />=��Cjl <br />11 <br />