Item 4.3 Official EDA Depositories 2025
Request for
EDA Board of Commissioners
Action
DEPARTMENT INFORMATION
ORIGINATING DEPARTMENT REQUESTOR: MEETING DATE:
Administration Executive Director Flaherty February 10, 2025
PRESENTER(s) REVIEWED BY: ITEM #:
Administration 4.3 – Official Depository
STRATEGIC VISION
MEETS: THE CITY OF OTSEGO:
X Is a strong organization that is committed to leading the community through innovative communication.
Has proactively expanded infrastructure to responsibly provide core services.
Is committed to delivery of quality emergency service responsive to community needs and expectations in a
cost-effective manner.
Is a social community with diverse housing, service options, and employment opportunities.
Is a distinctive, connected community known for its beauty and natural surroundings.
AGENDA ITEM DETAILS
RECOMMENDATION:
It is recommended that the Board of Commissioners adopt a resolution designating depositories.
ARE YOU SEEKING APPROVAL OF A CONTRACT? IS A PUBLIC HEARING REQUIRED?
No No
BACKGROUND/JUSTIFICATION:
The governing resolution of the Economic Development Authority (the EDA) outlines that the EDA shall designate a
depository at least every two years. The EDA issued Lease Revenue Bonds on December 30, 2024, prompting that a
depository be designated.
In accordance with Minnesota State Statute §118A.02, the EDA shall designate, as a depository of funds, one or more
financial institutions. The listed depositories and the accounts at each are:
1) US Bank – Trustee of EDA Lease Revenue Bond
SUPPORTING DOCUMENTS ATTACHED:
• Resolution 2025-02
POSSIBLE MOTION
PLEASE WORD MOTION AS YOU WOULD LIKE IT TO APPEAR IN THE MINUTES:
Motion to approve Resolution 2025-02 designating depositories.
BUDGET INFORMATION
FUNDING: BUDGETED:
N/A
N/A
1
OTSEGO ECONOMIC DEVELOPMENT AUTHORITY
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO: 2025-02
DESIGNATING DEPOSITORIES
WHEREAS, the Board of Commissioners, in accordance with its Governing Resolution and Minnesota Statute §118A.02,
Subdivision 1 designate one or more financial institutions as a depository of Economic Development Authority (the EDA) funds.
NOW, THEREFORE, BE IT RESOLVED BY THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF OTSEGO, MINNESOTA:
1. That the following financial institutions are designated as depositories of EDA funds:
a. US Bank
ADOPTED by the Board of Commissioners this 10th day of February, 2025.
MOTION BY:
SECONDED BY:
IN FAVOR:
OPPOSED:
OTSEGO ECONOMIC DEVELOPMENT AUTHORITY
__________________________________
Jessica L. Stockamp, President
ATTEST:
__________________________________
Audra Etzel, Secretary