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<br /> <br />REQUEST FOR COUNCIL ACTION <br />Date: 1/6/2025 <br />Item No.: 11.c. <br />Department Approval City Manager Approval <br /> <br /> <br />Item Description: Designation of Official Bank Depositories and Electronic Funds <br />Transfers Authority for 2025 <br />1 <br />2 Background <br />3 State Statute 118 A.2, requires the City to designate official bank depositories for which city funds <br />4 may be deposited and held for safekeeping. The attached resolution lists those institutions that will <br />5 be used for various banking services. The institutions are selected on a bid basis. <br />6 <br />7 State Statute 471.38, requires that the City delegate authority to make electronic funds transfers to a <br />8 designated business administrator or chief financial officer. The Finance Director has been <br />9 delegated electronic funds transfer authority. <br />10 <br />11 Traditionally, the Mayor, City Manager, and Finance Director have been designated as the city’s <br />12 official signatories. <br />13 <br />14 <br />15 Policy Objectives <br />16 The designation of official bank depositories, official bank signatories and authority to make <br />17 electronic funds transfers is required under State Statute. <br />18 <br />19 <br />20 Equity Impact Summary <br />21 Not applicable. <br />22 <br />23 <br />24 Budget Implications <br />25 Not applicable. <br />26 <br />27 <br />28 Staff Recommendations <br />29 Staff recommends approval of the attached resolution. <br />30 <br />31 <br />32 Requested Council Action <br />33 Adopt the attached resolution designating the official bank depositories for 2025 and designating the <br />34 Finance Director Michelle Pietrick the authority to make electronic funds transfers for 2025. <br />Page 1 of 2 <br />Qbhf!268!pg!33: <br /> <br />