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RESOLUTION NO. 21-19 <br /> BOARD OF COMMISSIONERS <br /> ELK RIVER MUNICIPAL UTILITIES <br /> A RESOLUTION OF THE BOARD OF COMMISSIONERS OF ELK RIVER MUNICIPAL UTILITIES <br /> DESIGNATING DEPOSITORY OF ELK RIVER MUNICIPAL UTILITIES FUNDS AND DELEGATING <br /> AUTHORITY FOR ELECTRONIC FUNDS TRANSFERS <br /> WHEREAS, Minnesota Statutes Section 118A.02 sets forth the procedures for the deposit of <br /> public funds and; <br /> WHEREAS, it is necessary for the Utilities Commission or the utilities finance manager to <br /> annually designate a bank (or banks) as the official depository for utility funds and manage <br /> collateral pledged to such funds; and <br /> WHEREAS, the Utilities Commission shall annually delegate the authority to make electronic <br /> funds transfers to the utilities finance manager. <br /> NOW,THEREFORE, BE IT RESOLVED that the Board of Commissioners of Elk River Municipal <br /> Utilities designates First Bank of Elk River as the utilities' official depository for the funds of Elk <br /> River Municipal Utilities for 2022. <br /> BE IT FURTHER RESOLVED the utilities finance manager may designate additional depositories <br /> for the purpose of investing funds per our brokers' recommendation and our investment policy <br /> guidelines and be delegated authority for electronic funds transfers. <br /> This Resolution Passed and Adopted this 14th day of December 2021. <br /> John Dietz, Chair <br /> L 1 <br /> Theresa Slominski, General Manager <br />