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HomeMy WebLinkAbout2022 09 26 Consent 302 - Bank Authorizations Update • CONSENT AGENDA ITEM 302 n rmrPed CITY COMMISSION AGENDA I SEPTEMBER 26, 2022 REGULAR MEETING 1959 TITLE Bank Authorizations Updates SUMMARY Resolutions 2022-23, 2022-24, and 2022-25 have been prepared to authorize the City Manager, Shawn D. Boyle, and the Director of Finance, Scott E. Borror, as authorized representatives to execute documentation required by Fifth Third and Regions Bank on behalf of the City of Winter Springs. Deputy City Manager Casey E. Howard is listed as the authorized representative in an emergency capacity. Resolution 2022-23 is for the general operating and payroll checking accounts. Resolution 2022-24 is for the general operating investment and bond sinking fund investment accounts. Resolution 2022-25 is for the City's retirement fund. RECOMMENDATION Staff recommends the City Commission approve Resolutions 2022-23, 2022- 24, and 2022-25 which designates authorized representatives to execute documentation with Fifth Third Bank and Regions Bank. 118 RESOLUTION NO. 2022-23 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, Director of Finance, and Deputy City Manager 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 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 the City Manager. All authorizations permitted by this Resolution shall require the dual signature of the City Manager and Director of Finance. City of Winter Springs Resolution 2022-23 Page I of 2 119 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 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 2022-23 Page 2 of 2 120 RESOLUTION NO. 2022-24 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, Director of Finance, and Deputy City Manager 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 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 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 Director of Finance. City of Winter Springs Resolution 2022-24 Page 1 of 2 121 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 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 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 2022-24 Page 2 of 2 122 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 ofWinter 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 Page 1 of 2 123 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 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 2022-25 Page 2 of 2 124