Laserfiche WebLink
��i <br />Elk River <br />Municipal Utilities UTILITIES COMMISSION MEETING <br />TO: <br />FROM: <br />ERMU Commission <br />Tony Mauren — Executive Administrative Manager <br />MEETING DATE: <br />AGENDA ITEM NUMBER: <br />December 13, 2022 <br />2.3 <br />SUBJECT: <br />Designate 2023 Official Depository and Delegate Authority for Electronic Funds Transfers <br />ACTION REQUESTED: <br />Adopt Resolution No. 22-13 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 2023, 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. 22-13 Designating Official Depository of ERMU Funds and Delegating <br />Authority for Electronic Funds Transfers <br />Page 1 of 1 <br />37 <br />