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Board names depositories, investment institutions and authorizes transfers and cosigners
Summary
The board approved Bremer Bank and PMA Financial Network as depositories, designated investment institutions, authorized certain staff to make transfers, and named Chair, Clerk and Treasurer as cosigners; motions carried unanimously.
The Independent School District 761 board approved several financial designations at its Jan. 6, 2025 organizational meeting. By motion, the board approved Bremer Bank and PMA Financial Network, Inc. as depositories for payroll, activity accounts and district revenues. The board also approved a list of financial institutions authorized to invest district assets in accordance with state and federal guidelines.
The board authorized the Director of Finance and Operations, the Controller, or a designee to deposit and withdraw district funds on behalf of the district. Separately, the board designated the Chair, Clerk and Treasurer as cosigners of district checks and authorized use of the district's check signing machine. All motions on financial depositories, investments, transfers and cosigners were approved unanimously.
