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HomeMy WebLinkAbout2020 09 28 Consent 301 - Bank Authorizations • CONSENT AGENDA ITEM 301 ,n m=ared CITY COMMISSION AGENDA I SEPTEMBER 28, 2020 REGULAR MEETING 1959 TITLE Bank Authorizations SUMMARY Resolutions 2020-23, 2020-24, and 2020-25 have been prepared to authorize the City Manager, Shawn D. Boyle, and the Finance Director Marialaina Sonksen, as authorized representatives to execute documentation required by Fifth Third and Regions bank, on behalf of the City of Winter Springs. Due to the dual signatory requirement, Casey E. Howard, IT and Administrative Services Director, is designated as the third representative in the event of an emergency whereby the City Manager or the Finance Director is unavailable to duly execute needed documents. Resolution 2020-23 is for the general operating and payroll checking accounts. Resolution 2020-24 is for the general operating and water/sewer refunding bond accounts. Resolution 2020-25 is for the City's retirement fund. RECOMMENDATION Staff recommends the City Commission approve Resolutions 2020-23, 2020- 24, and 2020-25 which designates the authorized representatives to execute documentation with Fifth Third and Regions Bank. 6 RESOLUTION NO. 2020-23 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, Finance Director, and IT and Administrative Services 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 Marialaina Sonksen 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, Casey E. Howard, IT and Administrative Services 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 Finance Director, and in the case of emergency and unavailability as stated above, the IT and Administrative Services Director. City of Winter Springs Resolution 2020-23 Page 1 of 2 7 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 September 29th, 2020. RESOLVED by the City Commission of the City of Winter Springs, Florida, in a regular meeting assembled on the 28th day of September, 2020. Charles Lacey, Mayor ATTEST: CHRISTIAN GOWAN, 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 Resolution 2020-23 Page 2 of 2 8 RESOLUTION NO. 2020-24 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, Finance Director, and IT and Administrative Services 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 Marialaina Sonksen 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, Casey E. Howard, IT and Administrative Services 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 of the City Manager and Finance Director, and in the case of emergency and unavailability as stated above, the IT and Administrative Services Director. City of Winter Springs Resolution 2020-24 Page 1 of 2 9 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 September 29th 2020. RESOLVED by the City Commission of the City of Winter Springs, Florida, in a regular meeting assembled on the 28th day of September, 2020. Charles Lacey, Mayor ATTEST: CHRISTIAN GOWAN, 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 Resolution 2020-24 Page 2 of 2 10 RESOLUTION NO. 2020-25 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 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 IT and Administrative Services Director as an authorized representative in the event of emergencies when the City Manager or 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. 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 Marialaina Sonksen 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 other action City of Winter Springs Resolution 2020-25 Page 1 of 2 11 pursuant to any deposit agreements approved by the City Manager. In the event of an emergency in which either the City Manager or Finance Director are not available, Casey E. Howard, IT and Administrative Services 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 Finance Director, and in the case of emergency and unavailability as stated above, the IT and Administrative Services 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 September 29th, 2020. RESOLVED by the City Commission of the City of Winter Springs, Florida, in a regular meeting assembled on the 28th day of September, 2019. Charles Lacey, Mayor ATTEST: CHRISTIAN GOWAN, 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 Resolution 2020-25 Page 2 of 2 12