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<br />Request for Action <br /> <br /> <br />To Item Number <br />Economic Development Authority 4.6 <br />Agenda Section Meeting Date Prepared by <br />Consent January 22, 2019 Amanda Othoudt, EDD <br />Item Description Reviewed by <br />Designation of Official Depositories Lori Ziemer, Finance Director <br />Reviewed by <br />Cal Portner, City Administrator <br /> <br />Action Requested <br />Designate, by motion, the referenced banks and institutions as official depositories for the EDA for 2019. <br /> <br />Background/Discussion <br />As per EDA Bylaws, the designation of official depositories is suggested at the Annual Meeting. <br /> <br />Historically, the EDA has designated depositories similar to those designated by the City Council. For <br />2019, 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 /> UBS <br /> <br />Financial Impact <br />N/A <br /> <br />Attachments <br /> N/A <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br />service, and community engagement that encourages and inspires prosperity <br />