92-41OTSEGO ECONOMIC DEVELOPMENT AUTHORITY
A RESOLUTION ESTABLISHING AN OFFICIAL
DEPOSITORY FOR THE AUTHORITY
Resolution No.' 92-41
WHEREAS, the City of Otsego has established an Economic
Development Authority known as The Otsego Economic
Development Authority (hereinafter "Authority"); and
WHEREAS, The Authority has met and passed an organizing
resolution and adopted bylaws; and
WHEREAS, Minnesota Statutes, Chapter 469.099 requires the
Authority to establish a depository for its funds; and
WHEREAS, the above said depository must be located within the
State of Minnesota; and
WHEREAS, the depository is required to post bond, conditioned
for safekeeping and prompt repayment of deposits, for the
projected maximum daily balance on deposit; and
WHEREAS, the estimated maximum daily balance is $540,000.00,
and
WHEREAS, the Bank of Elk River located in the State of
Minnesota and has agreed to post bond in the above said
amount;
NOW THEREFORE BE IT RESOLVED that the Bank of Elk River,
located at 630 Main Street, Elk River, Minnesota, 55330 shall
be the depository for the Authority; and the Authority may
also use the First National Bank of Elk River, Security Bank
Northwest of St Michael, First Bank, Norwest Bank of
Minneapolis, Edward D Jones & Co., and Minnesota Municipal
Money Market Fund at the Treasurers discretion.
BE IT ORDERED that the Treasurer review the bond provided by
the Bank of Elk River and verify that it is sufficient in
amount and form; and
BE IT FURTHER ORDERED, that the Treasurer open one account at
the depository and deposit all Authority monies in that
account and use that account to make all disbursements of the
Authority.
Passed by the Board of Commissioners of the Otsego
Economic Development Authority this 12TH day of October,
1992. j
ATTMST :
LARRY,F RNIER, PRESIDENT
JWOME PERRAULT, SECRETARY