HomeMy WebLinkAboutVIII-02 Approve Electric Funds Transfer TransactionsCITY OF HASTINGS
DAKOTA COUNTY, MINNESOTA
RESOLUTION _____________
A RESOLUTION ALLOWING ELECTRONIC FUNDS TRANSFER TRANSACTIONS
WHEREAS, the banking industry has promoted electronic funds transfer to reduce paper
transactions, move resources more rapidly and respond to customer demands; and
WHEREAS, Minnesota State Statute §471.38 subdivision 3 defines electronic funds
transfer as the process of value exchange via mechanical means without the use of checks, drafts,
or similar negotiable instruments; and
WHEREAS, Minnesota State Statues §471.381 states that payment of claims,
obligations and investment transactions of a statutory city may be made by warrant, check, or all
forms of electronic or wire funds transfer and that a statutory city may accept payment by use of
a credit card, debit card, or all forms of electronic or wire funds transfer; and
WHEREAS, the Hastings City Council acknowledges this technology and the need for
electronic fund transfer transactions both coming into and going out of the city bank and
investment accounts; and
NOW, THEREFORE BE IT RESOLVED, the City of Hastings Finance Manager and
Assistant Finance Manager or Finance Manager Designee may accept and make payment by
electronic funds transfer and wire transfer provided that these electronic funds transfer and wire
transfer transactions meet all of the required policies of the financial institutions the City of
Hastings transacts with.
ADOPTED BY THE CITY COUNCIL OF THE CITY OF HASTINGS, THIS 6th
DAY OF JANUARY 2025.
______________________________
Mary Fasbender, Mayor
ATTEST:
_____________________________________
Kelly Murtaugh, City Clerk
VIII-02