HomeMy WebLinkAboutResolution 2022-25 Reauthorizing accounts with Fifth Third Bank related to the City's Retirement fund RESOLUTION NO. 2022-25
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, Director of Finance, and Deputy City
Manager 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 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 Scott E. Borror, Director of Finance, as the
authorized representatives of the City of Winter Springs, Florida. In the event of an
emergency in which either the City Manager or Director of Finance are not available,Casey
E. Howard, Deputy City Manager, 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
City of Winter Springs
Resolution 2022-25
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the City Manager. All authorization permitted by this Resolution shall require the dual
signature of the City Manager and Director of Finance.
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 27th, 2022.
RESOLVED by the City Commission of the City of Winter Springs, Florida, in a
regular meeting assembled on the 26th day of September, 2022.
Kevin McCann, Mayor i
ATTEST: P A,T�► o
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CHRISTIAN GOWAN, City Cler ,J
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Approved as to legal form and sufficiency for
the City of Winter Springs only:
ANTHONY A. GARGANESE, City Attorney
City of Winter Springs
Resolution 2022-25
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