HomeMy WebLinkAbout25-02 - ADMIN Resolution - Economic Development Authority - 2025/01/06EDA Resolution No. 25-02
Designating US Bank and Citizens Independent Bank as official depositories for
EDA funds in 2025
Whereas, US Bank and Citizens Independent Bank have been selected to be the Economic
Development Authority’s official depositories; 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. That US Bank and Citizens Independent Bank be designated as the EDA’s official
depository for 2025 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 6, 2025:
Karen Barton, executive director Sue Budd, president
Attest:
Melissa Kennedy, city clerk
Docusign Envelope ID: C311CF6B-6E93-4651-B9AB-00BFE7A3DE66