HomeMy WebLinkAboutResolution 2023-14 Reauthorizing Accounts with Fifth Third Bank related to the City's Retirement Fund RESOLUTION NO.2023-14
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 Interim City Manager to maintain accounts with The Fifth Third
Bank and designate the Interim City Manager and Interim Director of Finance 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 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 Interim City Manager.
Section 3. Designation of Authorized Representatives. The City Commission hereby
designates Philip Hursh, Interim City Manager, and Donna Bruno, Interim Director of
Finance, 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 pursuant
to any deposit agreements approved by the Interim City Manager. All authorizations
permitted by this Resolution shall require the dual signature of the Interim City Manager
and Interim Director of Finance.
City of Winter Springs
Resolution 2023-14
Page 1 of 2
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 Z,, 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 $. Effective Date, This Resolution shall become effective immediately upon adoption.
RESOLVED by the City Commission of the City of Winter Springs, Florida, in a
regular meeting assembled on the 27th day of February, 2023.
Kevin Mc aC nn,Mayor
ATTEST:
.� '��►ups
CHRISTIAN GOWAN, City Clerk ': •a`1P �� '•,.0
o • 4 :�
Approved as to legal form and sufficiency for
the Ci of Winter Springs only: •J�
m01.E
ANTHONY A. GARGANESE,City Attorney
City of Winter Springs
Resolution 2023-14
Page 2 of 2