HomeMy WebLinkAboutResolution 2011-48 Authorize/Maintain Deposit Accounts w/Branch Banking and Trust RESOLUTION NO. 2011-48
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
WINTER SPRINGS, FLORIDA, AUTHORIZING THE MAINTAINING OF
DEPOSIT ACCOUNTS AND SERVICES WITH THE BRANCH BANKING
& TRUST COMPANY; DESIGNATING AUTHORIZED
REPRESENTATIVES; 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 the Branch Banking & Trust Company and designate the City Manager,
Finance Director, and Public Works/Utility Director as authorized representatives to
execute documentation required by the Branch Banking & Trust Company 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. Authorizing the Branch Banking & Trust Company as an Authorized
Depository. The City Commission hereby authorizes the Branch Banking & Trust
Company 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 the Branch Banking & Trust Company 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 and
Administrative Services 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 and Administrative Services 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 the Branch Banking & Trust Company, to open said
City of Winter Springs
Resolution 2011-48
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accounts, to withdraw funds from or transmit funds to any account of the Branch
Banking & Trust Company, 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 and Administrative Services 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
Branch Banking & Trust Company is concerned until such time as Branch Banking &
Trust Company 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 Branch Banking & Trust Company.
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 Wirter �prinrs, Florida, in a
regular meeting assembled on the 12th day of September , ��11.
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AN �d ORENZO-LUACES, City Clerk
Approved a to legal form and sufficiency for
the City ' ter Springs only:
ANTHONY A. GARGANESE, City Attorney
City of Winter Springs
Resolution 2011-48
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