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HomeMy WebLinkAbout2010 04 26 Consent 200 Approval of Resolution Number 2010-18 Regions Bank COMMISSION AGENDA Consent X Informational ITEM 200 Public Hearing Regular April 26, 2010 Regular Meeting Mgr. / Dept. Authorization REQUEST: The City Manager is requesting that the City Commission approve Resolution 2010 -18 designating the City Manager, Finance Director and the Public Works/Utility Director as authorized representatives to execute documentation required by REGIONS BANK on behalf of the City of Winter Springs. SYNOPSIS: Approval of the Resolution in order to establish the authorized representatives for REGIONS BANK for the City of Winter Springs. CONSIDERATIONS: Resolution 2010 -18 has been prepared to authorize the City Manager and the Finance Director as authorized representatives to execute documentation by REGIONS BANK for the general operating and water /sewer refunding bond accounts on behalf of the City of Winter Springs. FISCAL IMPACT: This will permit the Finance Director to monitor the account and request dispersements when appropriate. COMMUNICATION EFFORTS: A Custody Agreement will be send to REGIONS BANK to have on file for future reference. RECOMMENDATION: The City Manager recommends that the Commission approve Resolution 2010 -18, which designates the authorized representatives to execute documentation with REGIONS BANK. ATTACHMENTS: Resolution 2010 -18 RESOLUTION NO. 2010 -18 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF WINTER SPRINGS, FLORIDA, REAUTHORIZING THE MAINTAINING OF DEPOSIT ACCOUNTS AND SERVICES WITH THE 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, Finance Director, and Public Works /Utility 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 The REGIONS 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 REGIONS 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 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 REGIONS BANK is concerned until such time as the 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 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 NUMBER 2010 -18 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF WINTER SPRINGS, FLORIDA, REAUTHORIZING THE MAINTAINING OF DEPOSIT ACCOUNTS AND SERVICES WITH THE 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, Finance Director, and Public Works /Utility 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 The REGIONS 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 REGIONS 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 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 REGIONS BANK, to open said accounts, to withdraw funds from or transmit funds to any account of the REGIONS BANK, 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 REGIONS BANK is concerned until such time as the 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 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 26 day of April 2010. �► 'ti 44,4 JO r F. BUSH, Mayor ATT ` T 11 A ! - LORENZO - LUACES, City Clerk Approved as to legal form and sufficiency for the City of Wint: prings only: ANTHONY A. GAR ANESE, City Attorney Cii of Winter Springs, Florida Resolution 2010 -18 Page 2 of 2