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Elk River <br />Municipal Utilities UTILITIES COMMISSION MEETING <br />TO: <br />FROM: <br />ERMU Commission <br />Melissa Karpinski — Finance Manager <br />MEETING DATE: <br />AGENDA ITEM NUMBER: <br />May 9, 2023 <br />2.5 <br />SUBJECT: <br />Resolution Appointing the Bank Signatories and Designating Authority to Make Financial <br />Transfers <br />ACTION REQUESTED: <br />Adopt Resolution No. 23-6 Appointing the Bank Signatories and Designating Authority to Make <br />Financial Transfers. <br />BACKGROUND: <br />We have four different accounts at the First Bank of Elk River: a deposit account, a checking <br />account, and two repo savings accounts. We also have a depository account at the Bank of Elk <br />River. All of these accounts require authority for certain financial transactions. We require two <br />signatures on all our checks and have always had three commissioners with signing authority, in <br />case one is unavailable. With the change in commissioners, we need to update the signatories. <br />DISCUSSION: <br />The current signors are John Dietz, Al Nadeau, and Mary Stewart. We need to remove Al <br />Nadeau and add Nick Zerwas. The finance manager also is a signor on the account but only to <br />facilitate wire transfers for bond payments, transfer funds between accounts, renew our Letter <br />of Credit and the annual charge for the Letter of Credit that comes directly out of the bank <br />checking account, and take care of administration of the accounts. The general manager is a <br />backup signor for the finance manager. <br />We use signature stamps to sign the checks, and all are under lock and key. An individual stamp <br />is in the possession of the payroll and accounts payable specialist for the first signature on all <br />checks. An individual stamp is also in the possession of the general manager and the finance <br />manager for the second signature. With the signatures changing from the current three <br />commissioners, we would need to have another stamp made. <br />We will need a resolution (attached) for the authorizations to start the process. When we are <br />able to meet in person, we can gather the actual signatures from individuals, or perhaps the <br />bank can initiate electronic signature collection. <br />ATTACHMENT: <br />• Resolution No. 23-6 — Appointing the Bank Signatories and Designating Authority to <br />Make Financial Transfers <br />Page IofI <br />