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CITY OF SAINT ANTHONY VILLAGE <br />RESOLUTION 26-043 <br />A RESOLUTION ESTABLISHING THE MUNICIPAL CANNABIS ENTERPRISE <br />FUND, AUTHORIZING THE OPENING OF AN AFFILIATED BANK ACCOUNT, AND <br />DESIGNATING MAGNIFI FINANCIAL AS AN OFFICIAL DEPOSITORY OF THE <br />CITY <br />WHEREAS, the City Council of the City of Saint Anthony Village has determined it is in the <br />best interest of the municipality to establish a dedicated fund to track and manage <br />the financial operations of municipal cannabis activities; and <br />WHEREAS, a separate enterprise fund ensures proper accounting, transparency, and <br />compliance with all applicable municipal, state, and federal regulations; and <br />WHEREAS,to facilitate the financial transactions and day-to-day operations of this new fund, <br />it is necessary to establish an affiliated bank account and designate an official <br />public depository. <br />NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Saint <br />Anthony Village, Minnesota, approves: <br />1.ESTABLISHMENT OF ENTERPRISE FUND <br />There is hereby established in the official records of the City a separate and distinct <br />enterprise fund to be designated and known as the "Municipal Cannabis Enterprise Fund" <br />(Fund No. 707). <br />2.PURPOSE OF THE FUND <br />The Municipal Cannabis Enterprise Fund shall be used exclusively for the deposit of <br />revenues, the payment of operational and capital expenses, and the accumulation of <br />reserves directly related to the City's municipal cannabis operations. <br />3.AUTHORIZATION OF BANK ACCOUNT <br />The Finance Director of the City is hereby authorized and directed to open, maintain, and <br />close one or more banking or investment account(s) on behalf of the City with Magnifi <br />Financial. <br />4. DESIGNATION OF OFFICIAL DEPOSITORY <br />Magnifi Financial is hereby designated as an official depository of the City of Saint <br />Anthony Village for the deposit of public funds belonging to the Municipal Cannabis <br />Enterprise Fund. <br />5.AUTHORIZED SIGNERS AND SIGNING AUTHORITY <br />The Finance Director, the City Manager, and the Mayor, are designated as authorized <br />signers. They are fully empowered to execute signature cards, deposit agreements, and