HomeMy WebLinkAboutResolution 2010-15 5/3rd Bank Deposit Accounts and Services RESOLUTION NO. 2010-15
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
WINTER SPRINGS, FLORIDA, REAUTHORIZING THE MAINTAINING
OF DEPOSIT ACCOUNTS AND SERVICES WITH 5 /3" 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 Bank of America and designate the City Manager, Finance Director, and
Public Works /Utility Director as authorized representatives to execute documentation
required by 5 /3 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. 5 /3 Bank as an Authorized Depository. The City
Commission hereby reauthorizes 5 /3 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 5 13 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 5 /3rd Bank, to
open said accounts, to withdraw funds from or transmit funds to any account of 5 /3rd
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 Bank
of America is concerned until such time as 5 /3rd 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 5 /3rd 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.
RE at_vEP ` b the City Commission of the City of Winter Springs, Florida, in a
regular; meetirf. .,se • : - • •n the 12th day of April , 2010.
IBUS 00
Tt St
A "R a LORENZO - LUACES, City Clerk
Ap • roved as to legal form and sufficiency for
the Cl if W = Springs only:
Ai
ANTHONY A. GARGANESE, City Attorney
. 4
CORPORATE RESOLUTION
I, Kevin L. Smith, City Manager of the City of Winter Springs, a City duly organized and
existing under the laws of the State of Florida hereby certify that the following is a true
copy of a resolution adopted by the governing body of this City at a meeting held on
April 12, 2010 and that such resolution is now in full force and effect, and is pursuant to
the Code of Regulations or By -Laws.
RESOLVED:
That any 3 of the following officers of the Corporation is /are authorized and directed to:
(a) enter into, complete, and execute, on behalf of the Corporation, any and all
documents necessary to entering into an agreement with Fifth Third Bank for trust,
agency, or custodial services, and
(b) take all actions necessary to carrying out the provisions of any such agreement
including, but not limited to, transferring, and transmitting instructions to Fifth Third
Bank regarding the investment and/or distribution of funds.
Kevin L. Smith , City Manager .,,—" 1
Name and Title S nature V
Shawn D. Boyle, Finance Director (2(7--
/636" ,
Name and Title Signature
// Kipton D. Lockcuff, Public Works Director / 49
Name and Title Sigma e
Name and Title Signature
. s J/ I. 1 1[
cretary Signature Deputy City Clerk
Ai
June 4, 2010
Date