HomeMy WebLinkAboutResolution 2017-17 Maintaining Deposit Accounts with Fifth Third Bank RESOLUTION NO. 2017-17
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF WINTER
SPRINGS, FLORIDA, REAUTHORIZING THE MAINTAINING OF
DEPOSIT ACCOUNTS AND SERVICES WITH 5/3�d BANK; PROVIDING
FOR SEVERABILITY, REPEAL OF PRIOR INCONSISTENT
RESOLUTIONS, AND AN EFFECTIVE DATE.
WHEREAS, the City Commission desires to authorize the City Manager to maintain
accounts with 5/31d Bank and designate the City Manager, Finance Director, and
Community Development Director as authorized representatives to execute
documentation required by 5/3rd Bank from time to time; 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.
NOW, THEREFORE, BE IT RESOLVED 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. 5/3rd Bank as an Authorized Depository. The City
Commission hereby reauthorizes 5/3rd Bank as a designated depository of the City of
Winter Springs and that deposit accounts and/or time deposits (CD's) may be opened
and maintained in the name of the City of Winter Springs with 5/3rd Bank in accordance
with the terms of the Bank's deposit agreement 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 City Manager.
Section 3. Designation of Authorized Representatives. The City Commission hereby
designates Kevin L. Smith, City Manager and Shawn D. Boyle, Finance Director , as the
authorized representatives of the City of Winter Springs, Florida. In the event of an
emergency in which either the City Manager or Finance Director are not available, Brian
Fields, Community Development Director, shall be a duly authorized representative
during said emergency and unavailability. 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 5/3rd Bank, to open said accounts, to withdraw funds
from or transmit funds to any account of 5/3rd Bank, to establish funds transfer
instructions, and to take any other action pursuant to any deposit agreements approved
by the City Manager. All authorization permitted by this Resolution shall require the dual
signature of the City Manager and Finance Director, and in the case of emergency and
unavailability as stated above, the Community Development.
Section 4. Duration. This resolution shall remain in full force and effect and the authority
herein given to all of said persons shall remain irrevocable as far as the 5/3rd Bank is
concerned until such time as 5/3rd 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 5/3rd Bank.
Section 6. Repeal of Prior Inconsistent Resolutions. All 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
competent jurisdiction, 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 immediately upon
adoption by the City Commission of the City of Winter Springs, Florida.
RESOLVED by the City Commission of the City of Winter Springs, Florida, in a regular
meeting assembled on the 11tn day of December , 2017.
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Ch r es Lace
ATTEST: '
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N1RLORENZO-LUACES, City Clerk
Approved as to legal form and sufficiency for
the City of,", inter Springs only:
A Y ESE, City Attorney