HomeMy WebLinkAbout26-01 - ADMIN Resolution - Economic Development Authority - 2026/01/05
EDA Resolution No. 26-01
Designating US Bank as the official depository for EDA funds in 2026
Whereas, US Bank has been selected to be the Economic Development Authority’s official
depository; and
Whereas, State of Minnesota Statutes 118A sets forth the requirements for the
Designation of Depositories, and the insuring and/or securing of deposits,
Now therefore be it resolved by the board of commissioners of the St. Louis Park
Economic Development Authority in the City of St. Louis Park, Minnesota, that:
1. US Bank be designated as the EDA’s official depository for 2026 for the EDA checking
accounts, with balances not to exceed the limits of FDIC coverage or pledged
collateral for those amounts requiring collateral;
Be it further resolved that the finance director or the finance director’s designee of the
City of St. Louis Park is hereby designated as the approval authority for the acceptance and
release of all collateral to be held in conjunction with EDA funds on deposit.
Reviewed for administration:
Adopted by the Economic Development
Authority January 5, 2026:
Karen Barton, executive director Yolanda Farris, president
Attest:
Melissa Kennedy, city clerk
Docusign Envelope ID: 2EB5B73B-13CB-4D51-83C4-B71E685FD3DF