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HomeMy WebLinkAbout2009 01 26 Consent 201 Resolution 2009-12 Fifth Third BankCOMMISSION AGENDA XX ITEM 201 INFORMATIONAL PUBLIC HEARING January 26, 2009 MGR /DEPT Meeting Authorization REQUEST: The Finance Department requesting the Commission approve Resolution 2009-12 designating the Acting City Manager and the Finance Director as authorized representatives to execute documentation required by Fifth Third Bank on behalf of the City of Winter Springs. PURPOSE: The purpose of this Agenda Item is to approve Resolution 2009-12 - a resolution that designates the City's representatives authorized to execute documentation with Fifth Third Bank. CONSIDERATIONS: Resolution 2009-12 has been prepared to authorize the Acting City Manager and the Finance Director as authorized representatives to execute documentation required by Fifth Third Bank Pension Custodian account 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 Acting City Manager or the Finance Director is unavailable to duly execute needed documents. FUNDING: N/A ATTACHMENTS: Resolution 2009-12 RECOMMENDATION: The Finance Department recommends that the Commission approve Resolution 2009-12, which designates the authorized representatives to execute documentation with Fifth Third Bank. COMMISSION ACTION: RESOLUTION NO. 2009-12 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF WINTER SPRINGS, FLORIDA, REPEALING RESOLUTION 2007-42, 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 Acting City Manager to establish and maintain accounts with The Fifth Third Bank, an Ohio Corporation and designate the Acting City Manager and Finance 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 also desires to designate the Public Works/Utilities Director as an authorized representative in the event of emergencies when the Acting City Manager or Finance Director are not available; 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 herein 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 agreements 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 Acting City Manager. Section 3. Designation of Authorized Representatives. The City Commission hereby designates Kevin L. Smith, Acting City Manager, and Michelle L. Greco, Finance Director, 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 City of Winter Springs Resolution 2009-12 Page i of 2 documentation required by The Fifth Third Bank to open said accounts, to withdraw funds from or transmit funds to any account at The Fifth Third Bank, to establish funds transfer instructions, and to take any other action pursuant to any deposit agreements approved by the Acting City Manager. In the event of an emergency in which either the Acting City Manager or Finance Director are not available, Kipton Lockcuff, Public Works/Utility Director, shall be a duly authorized representative during said emergency and unavailability. All authorization permitted by this Resolution shall require the dual signature of the Acting City Manager and Finance Director, and in the case of emergency and unavailability as stated above, the Public Works/Utility 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 by the City Commission. Further, The Fifth Third Bank is authorized to rely on this resolution until written notice of change is sent by resolution 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, including but not limited to Resolution 2007-42, 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 , 2009. 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 City of Winter Springs Resolution 2009-12 Page2of2 RESOLUTION NO. 2009-12 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF WINTER SPRINGS, FLORIDA, REPEALING RESOLUTION 2007-42, 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 Acting City Manager to establish and maintain accounts with The Fifth Third Bank, an Ohio Corporation and designate the Acting City Manager and Finance 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 also desires to designate the Public Works/Utilities Director as an authorized representative in the event of emergencies when the Acting City Manager or Finance Director are not available; 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 herein 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 maybe 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 agreements and disclosures and the applicable rules and regulations for such accounts. Said agreements, disclosures and applicable rules and regulations shall be subj ect to prior approval by the Acting City Manager. Section 3. Designation of Authorized Representatives. The City Commission hereby designates Kevin L. Smith, Acting City Manager, and Michelle L. Greco, Finance Director, 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 City of Winter Springs Resolution 2009-12 Page 1 of 2 documentation required by The Fifth Third Bank to open said accounts, to withdraw funds from or transmit funds to any account at The Fifth Third Bank, to establish funds transfer instructions, and to take any other action pursuant to any deposit agreements approved by the Acting City Manager. In the event of an emergency in which either the Acting City Manager or Finance Director are not available, Kipton Lockcuff, Public Works/Utility Director, shall be a duly authorized representative during said emergency and unavailability. All authorization permitted by this Resolution shall require the dual signature of the Acting City Manager and Finance Director, and in the case of emergency and unavailability as stated above, the Public Works/Utility 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 by the City Commission. Further, The Fifth Third Bank is authorized to rely on this resolution until written notice of change is sent by resolution 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, including but not limited to Resolution 2007-42, 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 ~_regular meeting assembled on the 26`'' day of January, 2009. -. `~ ~~~ _~- Joh .Bush, Mayor ATT A LORENZO-LUACES, City Clerk Approved as to legal form and sufficiency for the Cit Winter Springs only: ANTHONY A. GARGANESE, City Attorney City of Winter Springs Resolution 2009-12 Page 2 of 2