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CITY OF GEM LADE <br />ELECTRONIC FUNDS TRANSFER. POLICY <br />1. Purpose <br />It is the policy of the City to set forth the circumstances. in which the City. of Geni:Lake may make <br />electronic fund transfers. <br />i. Policy <br />It is the policy of City of Lake to abide by Minnesota Statute 471.:3S.when making an electronic fund <br />transfer. <br />3. Transfer Allowed fur Certain Purposes <br />The City may make. an electronic funds transfer for the following: <br />1. For a claiin for a payment From an imprest payrol I bank account:ar investment of excess money; <br />2.. For a payment of contributions to pension or: retirement funds; and <br />3.. For payment of bond principal, bond interest, and a fiscal agent service charge. <br />4. Pniiey.Controls <br />The. City will only rnake pay m.ents.via.electrmflc funds if the following policy controls are filet: <br />1. The City in annually delegate the authority .to make electroni& funds transfers to the .City; <br />Treasurer and City. Clerk; <br />?. The. initiator of the eieetronic trans#er- must be identified; <br />3.. A written contirmation of the transactionis reci.uired. as. backup; <br />4. A list of all transactions. Fnade by electronic funds. transfer must be submitted .to the City Council <br />at the next regular City Council meeting after the transaction is made, except payroll fund <br />transfers, which will be approved by the City Treasurer as part of the payroll process. <br />