HomeMy WebLinkAboutResolution 2024-40 Reauthorizing the Opening and Maintaining of Custody Deposit Accounts with Fifth Third BankRESOLUTION N0. 2024-40
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 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 coi7ect
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 City Manager.
Section 3. Designation of Authorized Representatives. The City Commission hereby
designates Kevin Sweet, 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 City Manager. All
authorizations permitted by this Resolution
City of Winter Springs
Resolution No. 2024-40
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shall require the dual signature of the 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 Clerlc 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 December 16, 2024.
RESOLVED by the City Commission of the City of Winter Springs, Florida, in a regular meeting
assembled on the�h day of «,,, e , 2024.
ATTEST:
CHRISTIAN GOWAN, City Clerk
C
Approved as to legal form and sufficiency for
the City of Winter Springs only:
City of Winter Springs
Resolution No.2024-40
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Mayor