HomeMy WebLinkAboutResolution 2019-04 Fifth Third Bank Custody Account_Retirement Authorization RESOLUTION NO', 20119-04,
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF WINTER
SPRINGS, FLORIDA, REAUTHORIZING THE OPENING AND
MAINTAINING OF CUSTODY DEPOSIT ACCOUNTS AND SERVICES
WITH THE FIFTH THIRD BANK RELATED TO THE CITY OF WINTER
SPRINGS RETIREMENT' FUND; PROVIDING FOR SEVERABILITY,
REPEAL OF PRIOR INCONSISTENT RESOLUTIONS, AND AN
EFFECTIVE DATE.
WHEREAS, the City Commission, as the trustees of the City's retirement plan,
desires to authorize the Interim City Manager to establish and maintain accounts with The
Fifth Third Bank and designate the Interim City Manager and Interim Finance, Director, as
authorized representatives to execute documentation required by The Fifth Third Bank
from time to time related to the City's retirement fund, and
WHEREAS, the City Commission also desires to designate the Public Works
Director as an authorized representative in the event of emergencies when the Interim
City Manager or Interim Finance Director are not available; and
WHEREAS, the City Commission of the City of Winter Springs deems that this
Resolution is in the best interests of the public health, safety, and welfare of the citizens
of'Winter Springs.
NOWJHERE FORE, BE IT' RESOLVER BY THE CITY COMMISSION OF THE
CITY OF WINTER SPRINGS, SEMINOLE COUNTY, FLORIDA, AS FOLLOWS:
Section 1. Incorporation of Recitals. The foregoing recitals are deemed true and
correct and are hereby fully incorporated by this reference.
Section 2. Reauthorizing The Fifth Third Bank as an Authorized Depository. The
City Commission hereby reauthorizes The Fifth Third Bank as a designated depository of
the City of Winter Springs, and that custody accounts may be openedand maintained in
the name of the City of Winter Springs with The Fifth Third Bank in accordance with the
terms of the Bank's custodial service agreements and disclosures and the applicable
rules and regulations for such accounts. Said agreements, disclosures and applicable
rules and regulations shall be subject to prior approval by the Interim City Manager.
Section 3. Designation of Authorized Representatives. The City Commission hereby
designates Shawn D. Boyle, Interim City Manager, and Kelly A. Balagia, Interim Finance
Director, as the authorized representatives of the City of Winter Springs, Florida. The
designated representatives are hereby authorized, on behalf of the City of Winter Springs
and in its name, to execute and to sign, together as dual signatories,, any application,
deposit agreement,, signature card and any other documentation required by The Fifth
Third Bank, to open said accounts, to withdraw funds from or transmit funds to any
account of The Fifth Third Bank , to establish funds transfer instructions, and to take any
City of Wiinter Springs
ResOlUtion 20,19-04
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other action pursuant to any deposit agreements approved by the Interim City Manager.
In the event of an emergency in which either the Interim City Manager or Interim Finance
Director are not available, Lena Rivera, Public Works Director, shall be a duly authorized
representative during said emergency and unavailability. All authorization permitted by
this Resolution shall require the dual signature of the Interim City Manager and Interim
Finance ICDirector, and in the case of emergency and unavailability as stated above, the
Public Works Director.
Section 4. Duration. This resolution shall remain in full force and effect and the authority
herein given to alll of said!: persons shall remain irrevocable as far as The Fifth Third Bank
is, concerned until such time as The, Fifth Third Bank is notified in writing of the revocation
of such authority by the City Commission.
Section 5. Certification. The City Clerk is hereby authorized and directed to certify this
Resolution to The Fifth Third Bank. .
Section 6. Repeal of Prior Inconsistent Resolutions. AlIl prior resolutions or parts of
resolutions in conflict herewith, are hereby repealed to the extent of the conflict.
Section 7. Severability. If any section, subsection, sentence, clause, phrase, word, or
portion of this Resolution is for any reason held invalid or unconstitutional by any court of
corn petentjurisdiction, such portion shall be deemed a separate, distinct and independent
provision and such holding shall not affect the validity of the remaining portion hereto.
Section 8. Effective Date,. This Resolution shall become effective on April 81r", 2019.
RESOLVED by the City Commission of the City of Winter Springs, Florida, in a regular
meeting assembled on the 2'5th day of March, 2019,.
Cha((
(;CLace
ATTE$T:
Al "-A�ORENZO-LUACES, City Clerk
Approve(I as to, legal form and sufficiency for
the City"Pi-Winter Springs only:
ANTHONY A. G,ARGANESE, City Attorney
C�iity of Winter Springs
Resolutiion 2019-04
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