HomeMy WebLinkAbout7A - EDA Depositories and Other Financial Issues
AGENDA #:
PREPARED BY:
SUBJECT:
DATE:
BACKGROUND:
DISCUSSION:
Attachment
STAFF AGENDA REPORT
;~ BOYLES, CITY MANAGER ~
ESTABLISHMENT OF ECONOMIC DEVELOPMENT
AUTHORITY DEPOSITORIES AND OTHER FINANCIAL
ISSUES.
JULY 21, 1997
The Economic Development Authority should designate its
official bank in accordance with the Bylaws, as well as the
persons who are designated to sign EDA checks. Once
that is completed, the staff will open the appropriate bank
accounts to effectuate the EDA's direction.
The Economic Development Authority Bylaws indicate
that "the monies of the Authority shall be deposited in the
name of the Authority in such Bank or Banks as
Commissioners shall designate, and shall be drawn only
by checks signed by persons designated by Resolution of
the Board of Commissioners."
It is therefore necessary for the Economic Development
Authority to adopt a resolution designating both the bank
or banks, and the individuals designated to sign checks.
For simplicity's sake, the attached resolution is intended
to address both issues.
The City's official depository is Prior Lake State Bank.
We would recommend that the EDA's official depository be
Marquette Bank of Prior Lake. This recommendation is
simply to provide equal treatment to the City's various
banks.
It is also recommended that the signature of President
Bob Barsness be contained on each Economic Development
Authority check unless the Board of Commissioners
decides otherwise.
The attached resolution should be filled m by EDA
Commissioners and then adopted.
16200 Eagle Creek Ave. S.E., Prior Lake, Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245
AN EQUAL OPPORTUNITY EMPLOYER
RESOLUTION EDA97-XX
RESOLUTION OF THE PRIOR LAKE ECONOMIC DEVELOPMENT
AUTHORITY ESTABLISHING OFFICIAL BANK AND DESIGNATING
A PERSON TO SIGN OFFICIAL CHECKS.
MOTION BY: SECOND BY:
WHEREAS, the Prior Lake Economic Development Authority Bylaws
provide that the Authority should, by resolution, establish
bank or banks as depository for Authority funds and,
WHEREAS, the Bylaws also require adoption of a Resolution designating
the person or persons on the Authority to sign checks,
NOW THEREFORE, BE IT RESOLVED BY THE PRIOR LAKE
ECONOMIC DEVELOPMENT AUTHORITY, that .....
1) Bank is designated as official depository for the Prior Lake
Economic Development Authority.
2) is designated as the person who will sign all checks on
behalf of the Economic Development Authority.
Passed and adopted this 21st day of July, 1997.
YES
NO
Barsness
eam a oli
Schenck
Kedrowski
U nderferth
Barsness
eam a oli
Schenck
Kedrowski
Underferth
{Seal}
City Manager
City of Prior Lake
EDA 721.DOC