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HomeMy WebLinkAbout2007 09 24 Consent 204 Resolution 2007-42 Fifth Third Bank COMMISSION AGENDA September 24, 2007 Regular Meeting Consent Informational Public Hearin Re ular MGR.J~)EPT.JJ! Authorization x ITEM 204 REQUEST: General Services Department requests the City Commission approve Resolution 2007-42 which designates the 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: This agenda item is needed to obtain Commission approval of Resolution 2007-42 which designates the City Manager and the Finance Director as authorized representatives to execute documentation required by Fifth Third Bank, the City Pension Plan Custodial Bank, on behalf of the City of Winter Springs. Resolution 2007-42 further designates the Public Works/Utility Director as a duly authorized representative during times of emergency or unavailability of the City Manager and Finance Director. CONSIDERA TIONS: The Commission previously approved the hiring of Fifth Third Bank as the City's Pension Plan custodial bank. Resolution 2007-42 is need to designate the City Manager and Finance Director as authorized representatives to execute required documentation on the City's behalf. Additionally, Resolution 2007-42 designates the Public WorkslUtility Director as a duly authorized representative during times of emergency or unavailability of the City Manager and Finance Director. FUNDING: n/a. RECOMMENDATION: Recommend City Commission approve Resolution 2007-42, designating the City Manager and Finance Director as authorized representatives to execute documentation required by Fifth Third Bank, the City Pension Plan Custodial Bank, on behalf of the City of Winter Springs and the Public Works/Utility Director as a duly authorized representative during times of emergency or unavailability of the City Manager and Finance Director. ATTACHMENTS: 1. Resolution 2007-42. COMMISSION ACTION: RESOLUTION NO. 2007-42 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF WINTER SPRINGS, FLORIDA, AUTHORIZING OPENING AND MAINTAINING 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 City Manager to establish and maintain accounts with The Fifth Third Bank, an Ohio Corporation and designate the 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 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. Authorized Depository. The Fifth Third Bank is hereby designated as a depository ofthe 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 ofthe 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 City Manager. Section 3. Designation of Authorized Representatives. The City Commission hereby designates Ronald W. McLemore, City Manager, Michelle 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 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 City of Winter Springs Resolution 2007-42 Page 1 of3 to take any other action pursuant to any deposit agreements approved by the City Manager. In the event of an emergency in which either the 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 ofthe 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 4. 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 5. 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 6. Effective Date. This Resolution shall become effective immediately upon adoption by the City Commission of the City of Winter Springs, Florida. RESOL VED by the City Commission of the City of Winter Springs, Florida, in a regular meeting assembled on the _ day of ,2007. John F. Bush, Mayor ATTEST: ANDREA LORENZO-LUACES, City Clerk Approved as to legal form and sufficiency for City of Winter Springs Resolution 2007-42 Page 2 of3 the City of Winter Springs only: ANTHONY A. GARGANESE, City Attorney City of Winter Springs Resolution 2007-42 Page 3 of3 RESOLUTION NO. 2007-42 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF WINTER SPRINGS, FLORIDA, AUTHORIZING OPENING AND MAINTAINING 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 City Manager to establish and maintain accounts with The Fifth Third Bank, an Ohio Corporation and designate the 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 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. Authorized Depository. The Fifth Third Bank is hereby designated as a depository ofthe 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 City Manager. Section 3. Designation of Authorized Representatives. The City Commission hereby designates Ronald W. McLemore, City Manager, and Michelle 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 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 City of Winter Springs Resolution 2007-42 Page 1 of2 to take any other action pursuant to any deposit agreements approved by the City Manager. In the event of an emergency in which either the City Manager or Finance Director are not available, Kipton Lockcuff, Public W orkslUtility 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 City Manager and Finance Director, and in the case of emergency and unavailability as stated above, the Public WorkslUtility 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 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 th~ City commis~n of the. City of Winter Springs, Florida, in a regular meeting assembled on the :Jt.jHl day of, 'LJl-enLiJk.V ,2007. 7~_ ATTEST: Approved as to legal form and sufficiency for the City of Winter Springs only: ~ ANTHONY A. GARGANE~, City Attorney City of Winter Springs Resolution 2007-42 Page 2 of2