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UTILITIES COMMISSION MEETING <br />TO: FROM: <br />ERMU Commission Theresa Slominski General Manager <br />MEETING DATE: AGENDA ITEM NUMBER: <br />December 8, 2020 2.3 <br />SUBJECT: <br />2021 Official Depository <br />ACTION REQUESTED: <br />Designate First Bank of Elk River as the official depository for 2021, and authorize the Finance <br />Manager to designate additional depositories for the purpose of investing funds per our <br /> <br /> <br />BACKGROUND/DISCUSSION: <br />Minnesota Statutes Section 118A.02 sets forth the procedures for the deposit of public funds <br />and it is necessary for the Utilities Commission to annually designate a bank (or banks) as the <br />official depository for utility funds. <br /> <br />Staff recommends designating First Bank of Elk River as t <br />funds of Elk River Municipal Utilities for 2021. Staff also recommends the Finance Manager be <br />able to designate additional depositories for the purp <br />recommendation and our investment policy guidelines. <br /> <br />FINANCIAL IMPACT: <br />N/A <br /> <br />______________________________________________________________________________ <br />Page 1 of 1 <br />36 <br />