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J <br /> Elk River <br /> Municipal Utilities UTILITIES COMMISSION MEETING <br /> TO: FROM: <br /> ERMU Commission Michelle Canterbury— Executive Administrative Manager <br /> MEETING DATE: AGENDA ITEM NUMBER: <br /> December 14, 2021 2.3 <br /> SUBJECT: <br /> Designate 2022 Official Depository and Delegate Authority for Electronic Funds Transfers <br /> ACTION REQUESTED: <br /> Adopt Resolution No. 21-19 Designating Official Depository of ERMU Funds and Delegating <br /> Authority for Electronic Funds Transfers <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 and delegate authority to make electronic funds transfers. <br /> Staff recommends designating First Bank of Elk River as the utilities' official depository for the <br /> funds of ERMU for 2022, and authorizing the finance manager to designate additional <br /> depositories for the purpose of investing funds per our brokers' recommendation and our <br /> investment policy guidelines. Staff also recommends delegating authority to the finance <br /> manager for electronic funds transfers. <br /> FINANCIAL IMPACT: <br /> N/A <br /> ATTACHMENT: <br /> • Resolution No. 21-19 Designating Official Depository of ERMU Funds and Delegating <br /> Authority for Electronic Funds Transfers <br /> Page 1 of 1 <br /> 36 <br />