2.5 ERMUSR 04-14-2020 - Laserfiche WebLink

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UTILITIES COMMISSION MEETING TO: FROM: ERMU Commission Theresa Slominski Administrations Director MEETING DATE: AGENDA ITEM NUMBER: April 14, 2020 2.5 SUBJECT: Resolution Appointing the Bank Signatories and Designating Authority to Make Financial Transfers ACTION REQUESTED: Adopt Resolution No. 20-4 Appointing the Bank Signatories and Designating Authority to Make Financial Transfers. BACKGROUND: We have three different accounts at the First Bank of Elk River: a deposit account, a checking account, and a repo savings account. We also have a depository account at the Bank of Elk River. All of these accounts require authority for certain financial transactions. We require two signatures on all our checks and have always had three commissioners with signing authority, in case one is unavailable. With a new Finance Manager, we need to update the signatories. DISCUSSION: The current signors are John Dietz, Al Nadeau, and Mary Stewart. The Finance Manager should also be a signor on the account but only to facilitate wire transfers for bond payments, transfer funds between accounts, renew our Letter of Credit and the annual charge for the Letter of Credit that comes directly out of the bank checking account, and take care of administration of the accounts. 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 Administrations Director and the Finance Manager for the second signature. If the signatures change from the current three commissioners, we would need to have another stamp made. We will need a resolution (attached) for the authorizations to start the process. When we are able to meet in person, we can gather the actual signatures from individuals, or perhaps the bank can initiate electronic signature collection. ATTACHMENT: Resolution No. 20-4 Appointing the Bank Signatories and Designating Authority to Make Financial Transfers ______________________________________________________________________________ Page 1 of 1 48