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HomeMy WebLinkAbout2020 06 08 Consent 304 - Bank Authorizations • CONSENT AGENDA ITEM 304 ,n m=ared CITY COMMISSION AGENDA I JUNE 8, 2020 REGULAR MEETING 1959 TITLE Bank Authorizations SUMMARY Resolutions 2020-09, 2020-10, and 2020-11 have been prepared to authorize the City Manager, Shawn D. Boyle and the IT and Administrative Services Director Casey E. Howard, as authorized representatives to execute documentation required by 5/3rd and Regions bank on behalf of the City of Winter Springs. Due to the dual signatory requirement, Christopher J. Schmidt, Community Development Director, is designated as the third representative only in the event of an emergency whereby the City Manager or the IT and Administrative Services Director in unavailable to duly execute needed documents. Resolution 2020-09 is for the general operating and payroll checking accounts. Resolution 2020-10 is for the general operating and water/sewer refunding bond accounts. Resolution 2020-11 is for the City's retirement fund. RECOMMENDATION Staff recommends the City Commission approve Resolutions 2020-09, 2020- 10, and 2020-11 which designates the authorized representatives to execute documentation with 5/3rd and Regions Bank. 136 RESOLUTION NO. 2020-09 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF WINTER SPRINGS, FLORIDA, REAUTHORIZING THE OPENING AND MAINTAINING OF DEPOSIT ACCOUNTS AND SERVICES WITH THE FIFTH THIRD 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 The Fifth Third Bank and designate the City Manager, IT and Administrative Services Director, and Community Development Director as authorized representatives to execute documentation required by The Fifth Third 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 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 deposit accounts and/or time deposits (CD's) may be opened and maintained in the name of the City of Winter Springs with The Fifth Third 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 Shawn D. Boyle, City Manager, and Casey E. Howard, IT and Administrative Services 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 IT and Administrative Services Director are not available, Christopher J. Schmidt, 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 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 other action pursuant to any deposit agreements approved by the City Manager. All authorizations permitted by this Resolution shall require the dual signature of the City Manager and IT and Administrative Services Director, and in the City of Winter Springs 137 Resolution 2020-09 Page 1 of 2 case of emergency and unavailability as stated above, the Community Development Director. 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 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. 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 June 27th 2020. RESOLVED by the City Commission of the City of Winter Springs, Florida, in a regular meeting assembled on the 8th day of June, 2020. Charles Lacey, Mayor ATTEST: CHRISTIAN GOWAN, Interim City Clerk Approved as to legal form and sufficiency for the City of Winter Springs only: ANTHONY A. GARGANESE, City Attorney City of Winter Springs 138 Resolution 2020-09 Page 2 of 2 RESOLUTION NO. 2020-10 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF WINTER SPRINGS, FLORIDA, REAUTHORIZING THE MAINTAINING OF DEPOSIT ACCOUNTS AND SERVICES WITH REGIONS 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 Regions Bank and designate the City Manager, IT and Administrative Services Director, and Community Development Director as authorized representatives to execute documentation required by Regions 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 Regions Bank as an Authorized Depository. The City Commission hereby reauthorizes Regions Bank as a designated depository of the City of Winter Springs and that investments may be maintained according to the City of Winter Springs formal investment policy adopted by the City Commission, and 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 Shawn D. Boyle, City Manager, and Casey E. Howard, IT and Administrative Services 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 IT and Administrative Services Director are not available, Christopher J. Schmidt, 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 Regions Bank, to open said accounts, to withdraw funds from or transmit funds to any account of Regions Bank, to establish funds transfer instructions, and to take any other action pursuant to any deposit agreements approved by the City Manager. All authorizations permitted by this Resolution shall require the dual signature City of Winter Springs 139 Resolution 2020-10 Page 1 of 2 of the City Manager and IT and Administrative Services Director, and in the case of emergency and unavailability as stated above, the Community Development Director. 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 Regions Bank is concerned until such time as Regions 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 Regions 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 June 27th 2020. RESOLVED by the City Commission of the City of Winter Springs, Florida, in a regular meeting assembled on the 8th day of June, 2020. Charles Lacey, Mayor ATTEST: CHRISTIAN GOWAN, Interim City Clerk Approved as to legal form and sufficiency for the City of Winter Springs only: ANTHONY A. GARGANESE, City Attorney City of Winter Springs 140 Resolution 2020-10 Page 2 of 2 RESOLUTION NO. 2020-11 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 City Manager to establish and maintain accounts with The Fifth Third Bank and designate the City Manager and IT and Administrative Services 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 Community Development Director as an authorized representative in the event of emergencies when the City Manager or IT and Administrative Services 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. 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 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 opened and 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 City Manager. Section 3. Designation of Authorized Representatives. The City Commission hereby designates Shawn D. Boyle, City Manager, and Casey E. Howard, IT and Administrative Services 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 City of Winter Springs 141 Resolution 2020-11 Page 1 of 2 any other action pursuant to any deposit agreements approved by the City Manager. In the event of an emergency in which either the City Manager or IT and Administrative Services Director are not available, Christopher J. Schmidt, Community Development 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 City Manager and IT and Administrative Services Director, and in the case of emergency and unavailability as stated above, the Community Development Director. 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 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. 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 on June 27th, 2020. RESOLVED by the City Commission of the City of Winter Springs, Florida, in a regular meeting assembled on the 8th day of June, 2019. Charles Lacey, Mayor ATTEST: CHRISTIAN GOWAN, Interim City Clerk Approved as to legal form and sufficiency for the City of Winter Springs only: ANTHONY A. GARGANESE, City Attorney City of Winter Springs 142 Resolution 2020-11 Page 2 of 2