HomeMy WebLinkAbout20110103 - VI-09
CITY OF HASTINGS
DAKOTA CUNTY, MINNESOTA
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 §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 Statute §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 new technology and the need
for electronic fund transfer transactions both coming into and going out of the city bank
and investment accounts.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
HASTINGS, MINNESOTA
that the city of Hastings Finance Director and Assistant
Finance Director may accept and make payment by electronic funds transfer and wire
transfer and that these transactions are subject to the same approval requirements as any
paper transaction and 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.
rd
Adopted by the Hastings City Council this 3 day of January 2011.
Ayes:
Nays:
Absent:
Paul Hicks, Mayor
Attest:
Melanie Mesko Lee, Administrative Assistant/City Clerk