HomeMy WebLinkAboutEDA RES 2020-02RESOLUTION NO. 2020 -02
A RESOLUTION OF THE COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY,
DESIGNATING OFFICIAL DEPOSITORIES.
Now, therefore, in accordance with the bylaws and regulations of the Columbia Heights Economic
Development Authority (the Authority), the Board of Commissioners of the Authority makes the following:
ORDER OF BOARD
IT IS HEREBY RESOLVED, that Northeast Bank, Wells Fargo Bank of Minnesota, N.A., and U.S. Bank are hereby
designated as depositories for the Authority's funds.
IT IS FURTHER RESOLVED, that the funds of the Authority can be held in accounts at these depositories under
the name and federal identification number of the City of Columbia Heights, Minnesota (the City), together
with the funds of the City, provided that separate fund accounting records are maintained for the respective
Authority and City shares of such accounts in a manner consistent with generally accepted accounting and
auditing standards.
IT IS FURTHER RESOLVED, that the responsibility for countersigning orders and checks drawn against funds of
the Authority, assigned in the Authority's bylaws to the Authority President, is hereby delegated to the City
Mayor.
IT IS FURTHER RESOLVED, that checks, drafts, or other withdrawal orders issued against the funds of the
Authority on deposit with these depositories under the City's name shall be signed by the following:
City Mayor
City Manager
City Treasurer - Finance Director
and that said banks are hereby fully authorized to pay and charge said accounts for any such checks, drafts, or
other withdrawal orders issued by the City on behalf of the Authority.
IT IS FURTHER RESOLVED, that Northeast Bank, Wells Fargo Bank of Minnesota, N.A., and U.S. Bank are
hereby requested, authorized and directed to honor checks, drafts or other orders for the payment of money
drawn in the City's name on behalf of the Authority, including those drawn to the individual order of any
person or persons whose name or names appear thereon as signer or signers thereof, when bearing or
purporting to bear the facsimile signatures of the following:
City Mayor
City Manager
City Treasurer - Finance Director
and that Northeast Bank, Wells Fargo Bank of Minnesota, N.A., and U.S. Bank shall be entitled to honor and to
charge the Authority, or the City on behalf of the Authority, for all such checks, drafts or other orders,
regardless of by whom or by what means the facsimile signature or signatures thereon may have been affixed
thereto, if such facsimile signature or signatures resemble the facsimile specimens duly certified to or filed
with the Banks by the Treasurer or other officer of the Authority or City.
Resolution 2020 -02
City of Columbia Heights — EDA Resolution
Page 2
IT IS FURTHER RESOLVED, that the Treasurer - Finance Director or their designee shall be authorized to make
electronic funds transfers in lieu of issuing paper checks, subject to the controls required by Minnesota
Statutes and by the City of Columbia Heights' financial policies.
IT IS FURTHER RESOLVED, that all transactions, if any, relating to deposits, withdrawals, re- discounts and
borrowings by or on behalf of the Authority with said depositories, made directly by the Authority or by the
City on the behalf of the Authority, prior to the adoption of this resolution be, and the same hereby are, in all
things ratified, approved and confirmed.
IT IS FURTHER RESOLVED, that any bank designated above as a depository, may be used as a depository for
investment purposes, so long as the investments comply with authorized investments as set forth in
Minnesota Statutes.
IT IS FURTHER RESOLVED, that any brokerage firm with offices in the State of Minnesota may be used as a
depository for investment purposes so long as the investments comply with the authorized investments as set
forth in Minnesota Statutes.
IT IS FURTHER RESOLVED, that the funds of the Authority can be held in accounts at such brokerage firms
under the name and federal identification number of the City, together with the funds of the City, provided
that separate fund accounting records are maintained for the respective Authority and City shares of such
accounts in a manner consistent with generally accepted accounting and auditing standards.
BE IT FURTHER RESOLVED, that any and all resolutions heretofore adopted by the Board of Commissioners of
the Authority with regard to depositories or brokerage firms are superseded by this resolution.
ORDER OF ECONOMIC DEVELOPMENT AUTHORITY
Passed this 3rd day of February 2020
Offered by: Novitsky
Seconded by: Schmitt
�—
Roll Call: All ayes �
Vice President
Attest:
.��t4A.te..,. h�.invcr �I31aoo�
Assistant Secretary