HomeMy WebLinkAbout20090105 - VI-06City of Hastings
RESOLUTION #
RESOLUTION ALLOWING ELECTRONIC FUNDS TRANSFER
TRANSACTIONS
WHEREAS, the banking industry has promoted electronic funds transfers to reduce paper
transactions, move resources more rapidly and respond to customer demands; and
WHEREAS, Minnesota State Statute X411.38 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 Statute §411.35 states that payment of claims, obligations and
investment transactions of a sta~utery city may be made by warrant, check ar ail forms of
electronic or wire funds transfer and that a statutory city may accept payment. by use of a credit
card, debit card, ar all forms of electronic or wire funds transfer] and
WHEREAS, the Nastings City Council acknowledges this near technology~-and the need for
electronic fund transfer transactions both c~rnir~g into and` going out of the city bank and
investment accounts..:
NC}W, THEREFORE, BE fT RES~LVEf? BY THE ~fTY ~U~N~fL f3f= HASTfN~~, IUfff~NESQTA
that the city of Hastings Finance Director and, Assistant Finance Director may accept and. make
payment by electronic funds transfer and moire transfer and that these transactions are subject to
the same approval re~uir~ments as any paper transaction and that these electronic funds tiansfer
and wire transfer transactions meet all of the required policies of the financial institutions tl~e city
4f Flastings transacts with.
Adapted by the Hastings City Council this 5th day of January 2g~9.
Paul J. Dicks; Mayor
ATTEST:
Meianie Mesko-ir.ee Assistant AdministratorlCity Clerk
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