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HomeMy WebLinkAboutR16-365RESOLUTION R16-365 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLAINVIEW, TEXAS, DESIGNATING CENTENNIAL BANK AS THE PRIMARY BANK DEPOSITORY FOR CITY FUNDS; AUTHORIZING THE MAYOR TO EXECUTE ALL CONTRACTS AND OTHER AGREEMENTS INCIDENT TO THE ESTABLISHMENT OF THE PRIMARY BANK DEPOSITORY RELATIONSHIP; AND DESIGNATING AND AUTHORIZING MANAGING PERSONNEL TO SIGN ALL ACCEPTANCE AND PAYMENT DOCUMENTS REQUIRED TO DEPOSIT, WITHDRAW, OR COLLECT SUCH FUNDS, AND TO PERFORM ANY OTHER ACTS REASONABLY NECESSARY TO ADHERE TO CENTENNIAL BANK'S CORPORATE AUTHORIZATION RESOLUTION. WHEREAS, the City of Plainview, Texas, solicited applications from eligible financial institutions to provide primary bank depository services for City funds in accordance with the Texas Local Government Code Ann., Chapter 105 (Vemon's 2008); and WHEREAS, after evaluating applications received, the City of Plainview, Texas, designates Centennial Bank as the City's primary bank depository for City funds; and WHEREAS, the City Council hereby authorizes the Mayor to execute all contracts and other agreements incident to the establishment of the primary bank depository relationship with Centennial Bank for City funds; and WHEREAS, such City funds may be managed in accordance with Centennial Bank's Corporate Authorization Resolution, sample attached and incorporated as a part of this Resolution as Exhibit "A," describing the City's powers and limitations to such powers; and WHEREAS, the City Council hereby designates the Mayor, City Manager, and Finance Director as the City's authorized officials to sign any and all documents related to such City funds deposited with Centennial Bank and in accordance with the Bank's Corporate Authorization Resolution; WHEREAS, designated City officers are authorized to execute such other agreements as are reasonably necessary to carry out any such provisions of the Corporate Authorization Resolution requiring City signatures; and NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Plainview, Texas, that: Res 16-365 Centennial Bank - Primary Bank Depository Page 1 373 374 The Plainview City Council hereby designates Centennial Bank as the City's primary bank depository for City funds. Such funds will be managed consistent with Centennial Bank's Corporate Authorization Resolution, sample attached and incorporated as a part of this Resolution as Exhibit "A," describing the City's powers, including withdrawing on checks, drafts, advices of debit, notes or other orders for the payment of monies bearing signatures of the designated City officers, and the City's limitations to such powers. The Mayor is hereby authorized and directed to execute, respectively, on behalf of the City of Plainview, all contracts and other agreements incident to the establishment of the primary bank depository relationship with Centennial Bank. Further, the City Council hereby designates the Mayor, City Manager, and Finance Director as the City's authorized officials to sign any and all documents related to such City funds deposited with Centennial Bank and in accordance with the Corporate Authorization Resolution. Centennial Bank is authorized to honor and pay the funds whether or not they are payable to the bearer or to the individual order of any designated official or officials signing the same. Such designation shall be in full force and effect until written notice of any amendment or revocation shall be received by Centennial Bank at each location where an account is maintained. IV. City Council's authorization is provided herein contingent upon the City Attorney's approval of all contracts and other agreements incident to the creation of Centennial Bank as the primary bank depository for City funds. V. Any part of this Resolution in conflict with any other Resolution, is hereby repealed to the extent of the conflict with this Resolution. VI. Any word, phrase, or part of this Resolution found to be invalid or unconstitutional shall not affect any other word, phrase, or part hereof and such shall be and continue in effect. Res 16-365 Centennial Bank - Primary Bank Depository Page 2 VII. This Resolution shall be effective on and after its adoption. PASSED AND APPROVED this 12th day of July, 2016. Wendell Dunlap, Mayo ATTEST: /7)I Belinda Hinojosa, City Secret (r APPROVED AS TO CONTENT: Sarianne Beversdorf, Director of Finance APPROVED AS TO FORM: Leslie Spear Schmidt, City Attorney Res 16-365 Centennial Bank - Primary Bank Depository Page 3 375 376 EXHIBIT "A" CORPORATE AUTHORIZATION RESOLUTION Centennial Bank By: PO BOX 2188 LUBBOCK , TX 79408 Referred to in this document as "Financial institution" Referred to in this document as "Corporation" , certify that I am Secretary (clerk) of the above named corporation organized under the laws of - Federal Employer I.D. Number , engaged In business under the trade name of and that the resolutions on this document are a correct copy of the resolutions adopted at a meeting of the Board of Directors of the Corporation duly and properly called and held on (date). These resolutions appear in the minutes of this meeting and have not been rescinded or modified. AGENTS Any Agent listed below, subject to any written limitations, is authorized to exercise the powers granted as indicated below: A. B. C. D. E F. Name and Title or Position Signature Facsimile Signature (if used) X X X POWERS GRANTED (Attach one or more Agents to each power by placing the letter corresponding to their name in the area before each power. Following each power indicate the number of Agent signatures required to exercise the power.) Indicate A, B, C, Description of Power D. E. and/or F (1) Exercise all of the powers listed in this resolution. (2) Open any deposit or share account(s) in the name of the Corporation. (3) Endorse checks and orders for the payment of money or otherwise withdraw or transfer funds on deposit with this Financial Institution. (4) Borrow money on behalf and in the name of the Corporation, sign, execute and deliver promissory notes or other evidences of indebtedness. (5) Endorse, assign, transfer, mortgage or pledge bills receivable, warehouse receipts, bills of lading, stocks, bonds, real estate or other property now owned or hereafter owned or acquired by the Corporation as security for sums borrowed, and to discount the same, unconditionally guarantee payment of all bills received, negotiated or discounted and to waive demand, presentment, protest, notice of protest and notice of non-payment. (6) Enter into a written lease for the purpose of renting, maintaining, accessing and terminating a Safe Deposit Box in this Financial institution. (7) Other UMITATIONS ON POWERS The following are the Corporation's express limitations on the powers granted under this resolution. Indicate number of signatures required VMWr Sa n leerJystgsTM CA. 1 12116/2006 VMPCI5B (0612) EXHIBIT "A" WoltErs Kluwer Financial Services @1995, 1997 2006 Initials: 377 Page lof 2 378 EXHIBIT "A" RESOLUTIONS The Corporation named on this resolution resolves that, (1)The Financial Institution is designated as a depository for the funds of the Corporation and to provide other financial accommodations indicated i this resolution. (2) This resolution shall continue to have effect until express written notice of its rescission or modification has been received and recorded by the Financial Institution. Any and all prior resolutions adopted by the Board of Directors of the Corporation and certified to the Financial Institution as governing the operation of this corporation's account(s), are in full force and effect, until the Financial Institution receives and acknowledges an express written notice of its revocation, modification or replacement. Any revocation, modification or replacement of a resolution must be accompanied by documentation, satisfactory to the Financial Institution, establishing the authority for the changes. (3) The signature of an Agent on this resolution is conclusive evidence of their authority to act on behalf of the Corporation. Any Agent, so long as they act in a representative capacity as an Agent of the Corporation, is authorized to make any and all other contracts, agreements, stipulations and orders which they may deem advisable for the effective exercise of the powers indicated on page one, from time to time with the Financial Institution, subject to any restrictions on this resolution or otherwise agreed to in writing. (4)All transactions, if any, with respect to any deposits, withdrawals, rediscounts and borrowings by or on behalf of the Corporation with the Financial Institution prior to the adoption of this resolution are hereby ratified, approved and confirmed. (5) The Corporation agrees to the terms and conditions of any account agreement, properly opened . by any Agent of the Corporation. The Corporation authorizes the Financial Institution, at any time, to charge the Corporation for all checks, drafts, or other orders, for the payment of money, that are drawn on the Financial Institution, so long as they contain the required number of signatures for this purpose. (6) The Corporation acknowledges and agrees that the Financial Institution may furnish at its discretion automated access devices to Agents of the Corporation to facilitate those powers authorized by this resolution or other resolutions in effect at the time of issuance. The term "automated access device" includes, but is not limited to, credit cards, automated teller machines (ATM), and debit cards. (7)The Corporation acknowledges and agrees that the Financial Institution may rely on alternative signature and verification codes issued to or obtained from the Agent named on this resolution. The term "alternative signature and verification codes" includes, but is not limited to, facsimile signatures on file with the Financial Institution, personal identification numbers (PIN), and digital signatures. If a facsimile signature specimen has been provided on this resolution, (or that are filed separately by the Corporation with the Financial Institution from time to _time) the Financial Institution is authorized to treat the facsimile signature as the signature of the Agent(s) regardless of by whom or by what means the facsimile signature may have been affixed so long as it resembles the facsimile signature specimen On file. The Corporation authorizes each Agent to have custody of the Corporation's private key used to create a digital signature and to request issuance of a certificate listing the corresponding public key. The Financial Institution shall have no responsibility or liability for unauthorized use of alternative signature and verification codes unless otherwise agreed in writing. Pennsylvania. The designation of an Agent does not create a power of attorney; therefore, Agents are not subject to the provisions of 20 Pa.C.S.A. Sectior 5601 et seq. (Chapter 56; Decedents, Estates and Fiduciaries Code) unless the agency was created by a separate power of attorney. Any provisio that assigns Financial Institution rights to act on behalf of any person or entity is not subject to the provisions of 20 Pa.C.S.A. Section 5601 et sec (Chapter 56; Decedents, Estates and Fiduciaries Code). EFFECT ON PREVIOUS RESOLUTIONS This resolution supersedes resolution dated . If not completed, all resolutions remain in effect. CERTIFICATION OF AUTHORITY I further certify that the Board of Directors of the Corporation has, and at the time of adoption of this resolution had, full power and lawful authority to adopt the resolutions on page 2 and to confer the powers granted above to the persons named who have full power and lawful authority to exercise the same. (Apply seal below where appropriate.) 0 If checked, the Corporation is a non-profit corporation. In Witness Whereof, I have subscribed my name to this document and affixed the seal of the Corporation on (date). Attest by One Other Officer Secretary FOR FINANCIAL INSTITUTION USE ONLY cknowledged and received on (date) by (initials) 0 This resolution is superseded by resolution dated omments: orpporae Authorization MP® Bankers SystemsTM otters Kluwer Financial Services ©1995, 1997, 2006 Initials: CA -1 12/16/2006 VMPC158 (0612) Page 2of_