HomeMy WebLinkAboutResolution 2010-16 State Board Of Administration Deposit Accounts and Services RESOLUTION NO. 2010-16
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
WINTER SPRINGS, FLORIDA, REAUTHORIZING THE MAINTAINING
OF DEPOSIT ACCOUNTS AND SERVICES WITH STATE BOARD OF
ADMINISTRATION; 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 State Board of Administration 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. State Board of Administration as an Authorized Depository.
The City Commission hereby reauthorizes State Board of Administration 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 State Board of Administration 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 State Board of
Administration, to open said accounts, to withdraw funds from or transmit funds to any
account of State Board of Administration, 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 State Board of Administration 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 State Board of Administration.
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 m - - ' •e sembled on the 12th day of April , 2010.
JOHN F. BUSH, ayor
ATT -;. :
lfr AO
N ' ENZO- LUACES, City Clerk
Appr.ved as to legal form and sufficiency for
the City g \ inter Springs only:
A 0 A. ARGANESE, City Attorney