HomeMy WebLinkAboutResolution 26-043 - Establishing the Municipal Cannabis Enterprise Fund, Authorizing the Opening of an Affiliated Bank Account, and Designating Magnifi Financial as an Official Depository of the CityCITY OF SAINT ANTHONY VILLAGE
RESOLUTION 26-043
A RESOLUTION ESTABLISHING THE MUNICIPAL CANNABIS ENTERPRISE
FUND, AUTHORIZING THE OPENING OF AN AFFILIATED BANK ACCOUNT, AND
DESIGNATING MAGNIFI FINANCIAL AS AN OFFICIAL DEPOSITORY OF THE
CITY
WHEREAS, the City Council of the City of Saint Anthony Village has determined it is in the
best interest of the municipality to establish a dedicated fund to track and manage
the financial operations of municipal cannabis activities; and
WHEREAS, a separate enterprise fund'ensures proper accounting, transparency, and
compliance with all applicable municipal, state, and federal regulations; and
WHEREAS, to facilitate the financial transactions and day-to-day operations of this new fund,
it is necessary to establish an affiliated bank account and designate an official
public depository.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Saint
Anthony Village, Minnesota, approves:
1. ESTABLISHMENT OF ENTERPRISE FUND
There is hereby established in the official records of the City a separate and distinct
enterprise fund to be designated and known as the "Municipal Cannabis Enterprise Fund"
(Fund No. 707).
2. PURPOSE OF THE FUND
The Municipal Cannabis Enterprise Fund shall be used exclusively for the deposit of
revenues, the payment of operational and capital expenses, and the accumulation of
reserves directly related to the City's municipal cannabis operations.
3. AUTHORIZATION OF BANK ACCOUNT
The Finance Director of the City is hereby authorized and directed to open, maintain, and
close one or more banking or investment account(s) on behalf of the City with Magnifi
Financial.
4. DESIGNATION OF OFFICIAL DEPOSITORY
Magnifi Financial is hereby designated as an official depository of the City of Saint
Anthony Village for the deposit of public funds belonging to the Municipal Cannabis
Enterprise Fund.
5. AUTHORIZED SIGNERS AND SIGNING AUTHORITY
The Finance Director, the City Manager, and the Mayor, are designated as authorized
signers. They are fully empowered to execute signature cards, deposit agreements, and
other necessary documents required by Magnifi Financial to establish, manage, and
operate the account.
Approved this 9th day of June, 2026.
Wendy Weber, Mayor
ATTEST:
icole DeDeyn, Cit Jerk
Review for Administration:
Charlie Yunker, City Manager