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School board authorizes district depositories and banking signatories
Summary
The board adopted a corporation authorization designating several banks as district depositories and authorized Chair Alex Carlson, Vice Chair Darrin Anderson and Treasurer Marcia Provencher to sign withdrawal orders and borrow on behalf of the district.
The board passed a corporation authorization resolution designating Perennial Bank (Darwin), Center Bank (Litchfield), Wells Fargo Bank N.A., MN Trust, the Minnesota School District Liquid Assets Fund and US Bank as official depositories for district funds. The resolution authorizes Chair Alex Carlson, Vice Chair Darrin Anderson and Treasurer Marcia Provencher to sign checks, drafts and other withdrawal orders on the district’s accounts.
The resolution further authorizes the same three officers to borrow money on behalf of the district, execute notes or other evidence of indebtedness and hypothecate district property as security if needed. The superintendent or the business manager is permitted to invest district funds that are not currently needed and to make telephonic or electronic transfers as described in the resolution.
