HomeMy WebLinkAbout2002 02 11 Consent A Resolution 2002-02 Authority to Bank With Bank of America
COMMISSION AGENDA
ITEM A
CONSENT XX
INFORMATIONAL
PUBLIC HEARING
REGULAR
Fehrnary 11, 2002
Meeting
MGR /J-'7DEPT ~-r-
A llthori7}ltion
REQUEST:
The Finance Department requesting the Commission approve Resolution 2002-02 which
authorizes the City to establish and maintain accounts with Bank of America and designates the
City Manager, Finance Director and the City Treasurer as authorized representatives to execute
documentation required by the bank.
PURPOSE:
The purpose of this Agenda Item is to approve Resolution 2002-02 - a resolution that authorizes
the City to bank with Bank of America.
CONSIDERATIONS:
. The bank said they do not currently have a resolution on file that authorizes the City to bank
with them.
. The City Attorney has prepared a resolution and it has been reviewed and approved by the
banks legal department.
FUNDING: N/A
ATTACHMENTS:
Resolution 2002-02
RECOMMENDATION: The Finance Department recommends that the Commission approve
Resolution 2002-02 which authorizes the City to bank with Bank of America and designates
authorized representatives to execute documentation with the bank.
COMMISSION ACTION:
"
RES 0 L UTI ON NO. ':l c> C> J..... - <.::> ~
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
WINTER SPRINGS, FLORIDA, AUTHORIZING OPENING AND
MAINTAINING 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 establish and
maintain accounts with Bank of America and designate the City Manager, Finance Director and
the City Treasurer 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!. 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 Bank of America is hereby designated as a
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 Ronald W. McLemore, City Manager, Louise Frangoul, Finance Director, and Iris
Freeman, City Treasurer, as the authorized representatives of the City of Winter Springs. The
designated representatives are hereby authorized, on behalf of the City of Winter Springs and in
its name, to execute and to sign 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 at the Bank of America, to establish funds transfer instructions,
and to take any other action pursuant to any deposit agreements approv.ed by-the -City- Manager.-
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 fatas--the Barik of Aineifcais
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 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.
RESOLVED by the City Commission of the City of Winter Springs, Florida, in a regular
meeting assembled on the --.ll.t...hday of February , 2002.
ATTEST: