Loading...
HomeMy WebLinkAbout2010 04 12 Consent 200 Approval of Resolution 2010-14 Authorized Representatives for Bank of America COMMISSION AGENDA CONSENT X ITEM 200 INFORMATIONAL PUBLIC HEARING REGULAR MGR /DEPT 45 j April 12, 2010 Meeting Authorization REQUEST: The City Manager requests the Commission approve Resolution 2010 -14 designating the City Manager, Finance Director and the Public Works //Utility Director as authorized representatives to execute documentation required by Bank of America on behalf of the City of Winter Springs. SYNOPSIS: The purpose of this Agenda Item is to approve Resolution 2010-14-- a resolution that designates the City's representatives authorized to execute documentation with Bank of America. CONSIDERATIONS: Resolution 2010 -14 has been prepared to authorize the City Manager and the Finance Director as authorized representatives to execute documentation required by Bank of America on behalf of the City of Winter Springs. Due to the dual signatory requirement, Kipton Lockcuff, Public Works/Utility Director, is designated as the third representative only in the event of an emergency whereby the City Manager or the Finance Director is unavailable to duly execute needed documents. FISCAL IMPACT: This will allow the Finance Director to monitor cash reserves and optimize the Cities investment returns. COMMUNICATION EFFORTS: New signature cards and Certificates of Incumbency will be sent to The Bank of America to place on file. RECOMMENDATION: The City Manager recommends that the Commission approve Resolution 2010 -14, which designates the authorized representatives to execute documentation with Bank of America. ATTACHMENTS: Resolution 2010 -14 RESOLUTION NO. 2010 -14 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF WINTER SPRINGS, FLORIDA, REPEALING RESOLUTION 2009 -32, REAUTHORIZING THE MAINTAINING OF DEPOSIT ACCOUNTS AND SERVICES WITH THE BANK OF AMERICA; 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 Bank of America and designate the City Manager, Finance Director, and Public Works /Utility Director as authorized representatives to execute documentation required by Bank of America 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 Bank of America as an Authorized Depository. The City Commission hereby reauthorizes The Bank of America 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 Bank of America 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 Kevin L. Smith, City Manager and Shawn Boyle, 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, Kipton Lockcuff, Public Works /Utilities 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 Bank of America, to open said accounts, to withdraw funds from or transmit funds to any account of the Bank of America, to establish funds transfer instructions, and to take any other action pursuant to any deposit agreements approved by the City Manager. All authorization permitted by this Resolution shall require the dual signature of the City Manager and Finance Director, and in the case of emergency and unavailability as stated above, the Public Works /Utilities 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 Bank of America is concerned until such time as the Bank of America 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 Bank of America. Section 6. Repeal of Prior Inconsistent Resolutions. All prior resolutions or parts of resolutions in conflict herewith, including but not limited to Resolution 2009 -32, 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 by the City Commission of the City of Winter Springs, Florida. RESOLVED by the City Commission of the City of Winter Springs, Florida, in a regular meeting assembled on the day of , 2010. JOHN F. BUSH, Mayor ATTEST: ANDREA LORENZO - LUACES, City Clerk Approved as to legal form and sufficiency for the City of Winter Springs only: ANTHONY A. GARGANESE, City Attorney RESOLUTION NO. 2010 -14 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF WINTER SPRINGS, FLORIDA, REPEALING RESOLUTION 2009 -32, REAUTHORIZING THE MAINTAINING OF DEPOSIT ACCOUNTS AND SERVICES WITH THE BANK OF AMERICA; 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 Bank of America and designate the City Manager, Finance Director, and Public Works /Utility Director as authorized representatives to execute documentation required by Bank of America 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 Bank of America as an Authorized Depository. The City Commission hereby reauthorizes The Bank of America 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 Bank of America 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 Kevin L. Smith, City Manager and Shawn Boyle, 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, Kipton Lockcuff, Public Works /Utilities 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 Bank of America, to open said accounts, to withdraw funds from or transmit funds to any account of the Bank of America, to establish funds transfer instructions, and to take any other action pursuant to any deposit agreements approved by the City Manager. All authorization permitted by this Resolution shall require the dual signature of the City Manager and Finance Director, and in the case of emergency and unavailability as stated above, the Public Works /Utilities 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 Bank of America is concerned until such time as the Bank of America 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 Bank of America. Section 6. Repeal of Prior Inconsistent Resolutions. All prior resolutions or parts of resolutions in conflict herewith, including but not limited to Resolution 2009 -32, 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 by the City Commission of the City of Winter Springs, Florida. 1/ESOLVEP.,by the City Commission of the City of Winter Springs, Florida, in a regular ni f" g ssembled on the 12th day of April , 2010. 7. . .`., ,,,--:-, >„ - - ' ' ,it ATTES ., i A ■ - - +ORENZO- LUACES, City Clerk Approv- • as to legal form and sufficiency for the C' f Winter Springs only: A ONY A. GARGANESE, City Attorney