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HomeMy WebLinkAbout2024 03 11 Consent 303 - Bank Authorization UpdatesCONSENT AGENDA ITEM 303 CITY COMMISSION AGENDA | MARCH 11, 2024 REGULAR MEETING TITLE Bank Authorization Updates SUMMARY Resolutions 2024-04, 2024-05, 2025-06, and 2024-07 have been prepared to authorize Interim City Manager Philip Hursh, and Director of Finance Holly Queen as authorized representatives to execute documentation required by Fifth Third Bank and Regions Bank on behalf of the City of Winter Springs. In the event of an emergency when neither the Interim Ciyt Manager or Finance Director are available, Director of Operations Brian Dunigan is designated an anuthorized representative. Resolution 2024-04 is for the general operating and payroll checking accounts. Resolution 2024- 05 is for the general operating investment and bond sinking fund investment accounts. Resolution 2024-06 is for the City's retirement fund. Resolution 2024-07 is for General Operating Investment in FL PALM. FUNDING SOURCE RECOMMENDATION Staff recommends the Commission approves Resolution 2024-04, 2024-05, and 2024- 06 designating the authorized representatives ro execute documentation with Fifth Third Bank and Regions Bank 48 City of Winter Springs Resolution No. 2024-04 Page 1 of 2 RESOLUTION NO. 2024-04 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 Interim City Manager to maintain accounts with The Fifth Third Bank and designate the Interim City Manager, Finance Director, and Operations 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. 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 of 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 Holly Queen, Finance Director, as the authorized representatives of the City of Winter Springs, Florida. In the event of an emergency in which either the interim City Manager or Finance Director are not available, Brian Dunigan, Operations 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 Interim City Manager. All authorization permitted by this Resolution shall require the dual signature of the Interim City Manager and Finance Director, and in the case of emergency and unavailability as stated above, the Operations Director. 49 City of Winter Springs Resolution No. 2024-04 Page 2 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 of 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 immediately upon adoption. RESOLVED by the City Commission of the City of Winter Springs, Florida, in a regular meeting assembled on the __________ day of _________________________, 2024. ____________________________________ 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 50 City of Winter Springs Resolution No. 2024-05 Page 1 of 2 RESOLUTION NO. 2024-05 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 Interim City Manager to maintain accounts with Regions Bank and designate the Interim City Manager, Finance Director, and Operations 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 Interim City Manager. Section 3. Designation of Authorized Representatives. The City Commission hereby designates Philip Hursh, Interim City Manager, and Holly Queen, 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, Brian Dunigan, Operations 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 Interim City Manager. All authorizations permitted by this Resolution shall require the dual signature of the Interim City Manager and Finance Director and in the case of emergency and unavailability as stated above, the Operations Director. 51 City of Winter Springs Resolution No. 2024-05 Page 2 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 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 Resolution. 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 Resolutions 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 immediately upon adoption. RESOLVED by the City Commission of the City of Winter Springs, Florida, in a regular meeting assembled on the ______ day of ___________________________, 2024. ____________________________________ 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 52 City of Winter Springs Resolution No. 2024-06 Page 1 of 2 RESOLUTION NO. 2024-06 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, Finance Director, and Operations 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 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 Holly Queen, 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, Brian Dunigan, Operations 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 Interim City Manager. All authorizations permitted by this Resolution 53 City of Winter Springs Resolution No. 2024-06 Page 2 of 2 shall require the dual signature of the Interim City Manager and Finance Director and in the case of emergency and unavailability as stated above, the Operations 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 of 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 immediately upon adoption. RESOLVED by the City Commission of the City of Winter Springs, Florida, in a regular meeting assembled on the __________ day of _________________________, 2024. ____________________________________ 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 54 City of Winter Springs Resolution No. 2024-05 Page 1 of 2 RESOLUTION NO. 2024-07 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF WINTER SPRINGS, FLORIDA, REAUTHORIZING THE MAINTAINING OF DEPOSIT ACCOUNTS AND SERVICES WITH FL PALM; PROVIDING FOR SEVERABILITY, REPEAL OF PRIOR INCONSISTENT RESOLUTIONS, AND AN EFFECTIVE DATE. WHEREAS, the City Commission desires to authorize the Interim City Manager to maintain accounts with Regions Bank and designate the Interim City Manager, Finance Director, and Operations Director as authorized representatives to execute documentation required by FL PALM 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 FL PALM as an Authorized Depository. The City Commission hereby reauthorizes FL PALM 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 Interim City Manager. Section 3. Designation of Authorized Representatives. The City Commission hereby designates Philip Hursh, Interim City Manager, and Holly Queen, 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, Brian Dunigan, Operations 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 FL PALM, to open said accounts, to withdraw funds from or transmit funds to any account of FL PALM, 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 Finance Director and in the case of emergency and unavailability as stated above, the Operations Director. 55 City of Winter Springs Resolution No. 2024-05 Page 2 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 FL PALM is concerned until such time as FL PALM 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 Resolution. 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 Resolutions 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 immediately upon adoption. RESOLVED by the City Commission of the City of Winter Springs, Florida, in a regular meeting assembled on the ______ day of ___________________________, 2024. ____________________________________ 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 56