HomeMy WebLinkAboutCity Council Resolution 2024-002
C ITY OF P LYMOUTH
R ESOLUTION N O. 2024-002
R ESOLUTION A PPROVING E LECTRONIC F UNDS T RANSFER P OLICY
WHEREAS, a local government may make certain payments by electronic funds transfer as described
in State Statute 471.38. Electronic funds transfers are defined as any transfer of funds that is initiated by
electronic means, including but not limited to check, credit cards, debit cards, and automated clearing house
(ACH) or wire transfers, both within and between separate financial institutions; and
WHEREAS, this statute allows use of electronic funds transfer for claims for payment from an imprest
payroll bank account or investment of excess money, payment of tax or aid anticipation certificates, vendor
payments, and payment of bond principal, bond interest and a fiscal agent service charge from the debt
redemption fund; and
WHEREAS, the statute has been amended to require that certain policy controls be enacted in order
for a local government to utilize electronic funds transfers including that the governing body annually
delegates the authority to make electronic funds transfers on behalf of the city; and
WHEREAS, the Finance Director or designee would be the authority as outlined in the policy.
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH,
MINNESOTA that the Electronic Funds Transfer Policy is approved.
APPROVED by the City Council on this 9th day of January, 2024.