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<br /> <br />REQUEST FOR COUNCIL ACTION <br />Date: 1/8/2024 <br />Item No.: 10.d. <br />Department Approval City Manager Approval <br /> <br /> <br />Item Description: Designation of Official Bank Depositories and Electronic Funds <br />Transfers Authority for 2024 <br />1 <br />2 Background <br />3 State Statute 118 A.2, requires the City to designate official bank depositories for which city <br />4 funds may be deposited and held for safekeeping. The attached resolution lists those <br />5 institutions that will be used for various banking services. The institutions are selected on a <br />6 bid basis. <br />7 <br />8 State Statute 471.38, requires that the City delegate authority to make electronic funds <br />9 transfers to a designated business administrator or chief financial officer. The Finance <br />10 Director has been delegated electronic funds transfer authority. <br />11 <br />12 Traditionally, the Mayor, City Manager, and Finance Director have been designated as the <br />13 city’s official signatories. <br />14 <br />15 <br />16 Policy Objectives <br />17 The designation of official bank depositories, official bank signatories and authority to make <br />18 electronic funds transfers is required under State Statute. <br />19 <br />20 <br />21 Racial Equity Impact Summary <br />22 Not applicable. <br />23 <br />24 <br />25 Budget Implications <br />26 Not applicable. <br />27 <br />28 <br />29 Staff Recommendations <br />30 Staff recommends approval of the attached resolution. <br />31 <br />32 <br />33 Requested Council Action <br />Page 1 of 2 <br />Qbhf!328!pg!413 <br /> <br />