HomeMy WebLinkAboutEDA Resolution No. 2023-02RESOTUTTON NO.2023-02
A RESOTUTION OF THE COLUMBIA HEIGHTS ECONOMIC DEVETOPMENT AUTHORITY
DESIGNATING OFFICIAT 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:
lT lS HEREBY RESOLVED, that Northeast Bank, U.S. Bank, and Wells Fargo Bank of Minnesota, N.A., are hereby
designated as depositories for the Authority's funds.
lT lS FURTHER RESOLVED, that the funds ofthe 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.
lT lS FURTHER RESOwED, 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.
lT lS 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 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 ofthe Authority.
lT lS FURTHER RESOLVED, that Northeast Bank, U.S. Bank, and Wells Fargo Bank of Minnesota, N.A., 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 Finance Director
and that Northeast Bank and Wells Fargo Bank of Minnesota, N.A., shall be entitled to honor and to charge the
Authority, or the City on behalf ofthe 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 City Finance Director or other officer of the Authority or City.
Resolution 2023 - 02
ORDER OF BOARD
City of Columbia Heights - EDA Resolution Page 2
lT lS FURTHER RESOLVED, that the City 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.
lT lS 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.
!T lS FURTHER RESOLVED, that any bank designated above as a depository, may be used as a custodian (a.k.a
depository)for investment purposes, so long as the investments comply with authorized investments as set
forth in Minnesota Statutes.
lT lS FURTHER RESOLVED, that Bank of New York Mellon DBA Pershing Advisor Solutions LLC may be used as a
custodian (a.k.a. depository) for investment purposes so long as the investments comply with the authorized
investments as set forth in Minnesota Statutes.
lT lS FURTHER RESOLVED, that the funds of the Authority can be held in accounts at such investment
custodians 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 lT 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 6th day of February, 2023
offered bv' JA-m,e S
Seconded bv: Bt IASQ C.nE
Rorr calr: Wtl"aiZl Ot ()rJA-anf
President
Attest:(9/-:-q
Secretary /