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October 1, 1985 <br /> <br />TO: Board of Directors, Ramsey Econc~ic DeveloI~rent Comi~ny <br /> <br />FROM: City Staff <br /> <br />RE: Executive Board Business <br /> <br />CASE 91: DESIC~N~.TE FINANCIAL INSTI~I~fION AS DEPOSITQRY .FOR <br /> COMPANY FUNDS <br /> <br />The Company needs to determine which financial institution it <br />will designate to handle Company funds. This designation can be <br />wade by rn~tion. <br /> <br />CASE #2: AUTHORIZE CERTAIN BOA~] MEMBERS FOR CERTAIN FINANCIAL <br /> TRANSACTIONS FOR THE COMPA~ <br /> <br />The Company needs to authorize certain Board members to handle <br />financial transactions such as writing checks for the Company. <br />The City Attorney recommended that two of the Board members be <br />required to sign all checks. In case of one Board member being <br />out of town, three Board members could be authorized to sign <br />checks. These officers are the President, Vice President, and <br />Secretary. <br /> <br />In addition, the CityAttorney recommended that the entire Board; <br />the President, Vice President, Secretary, Treasurer, Assistant <br />Secretary and Assistant Treasurer, be required to sign for any <br />borrowing that might be done in the Company'sname. <br /> <br />Enclosure 2 contains a draft of a resolution authorizing Company <br />officers for these financial transactions. <br /> <br /> <br />