HomeMy WebLinkAboutItem VI (B) Resolution No. 94-08, authorizing signatures on bank accounts AGENDA 4-19-94
Item VI B
"CENTER OF GOOD LIVING-PRIDE OF WEST ORANGE"
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OCOEE FLORIDA 34761-2258 VERN COMBS
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ELLIS SHAPIRO
MEMORANDUM
DATE: April 15, 1994
TO: The Honorable Mayor and Board of City Commissioners
FROM: Montye E. Beamer, Director,
Administrative Services
SUBJECT: Banking Resolution No. 94-08
The attached Resolution designates positions as opposed to specific people as the signatory
authority for City bank accounts and for all other money managing accounts.
Two signatures are required for any and all checks. These may be a combination of Mayor, City
Manager and/or Finance Manager. Because of the volume of checks, facsimiles are also being
authorized. For protection, there are very specific guidelines under which Finance must operate
in its use of a signature stamp, and these guidelines are reviewed as well as a sample of checks
verified against the back-up documentation during the annual audit. Facsimiles are not uncommon
when such procedures are in place and have been standard procedure in the City for quite some
time (affirmed in Resolution 89-14).
Monies are held in investments to gain the best interest rates as possible. From time to time these
funds must be transferred either from the bank accounts to investment accounts or from investment
accounts to bank accounts. Since this is strictly administrative in function and can only be
performed as part of the accounts payable process, a staff position can best serve this role.
The City Attorney prepared this Resolution 94-08. It has been reviewed by the auditors and
proposed to those financial institutions and brokerage houses currently handling City funds.
Action Requested
The Mayor and Board of City Commissioners approve Resolution 94-08 and authorize the Mayor
and City Clerk to execute.
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Attachment 04
WP60\DOCS\B NiiNo.mAy\15ApR94\MEa
RESOLUTION NO. 94- 08
A RESOLUTION OF THE CITY OF OCOEE, FLORIDA
AUTHORIZING THE MAYOR, CITY MANAGER AND
FINANCE MANAGER TO BE SIGNATORIES ON BEHALF OF
THE CITY OF OCOEE FOR ALL OF THE CITY'S BANK
ACCOUNTS; AUTHORIZING THE USE OF FACSIMILE
SIGNATURES FOR TRANSACTIONS WITH RESPECT TO
ALL BANK ACCOUNTS OF THE CITY OF OCOEE;
AUTHORIZING THE FINANCE MANAGER AND DIRECTOR
OF ADMINISTRATIVE SERVICES TO BE SIGNATORIES
ON BEHALF OF THE CITY OF OCOEE FOR ALL OF THE
CITY'S ACCOUNTS EXCEPT FOR BANK ACCOUNTS;
AUTHORIZING THE CITY CLERK TO CERTIFY TO
BANKS, FINANCIAL INSTITUTIONS, BROKERAGES AND
OTHER INVESTMENT AND MONEY MANAGEMENT
COMPANIES THE PERSONS HOLDING THE POSITIONS OF
THE AUTHORIZED SIGNATORIES; PROVIDING FOR
SEVERABILITY; PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Commission of the City of Ocoee desires
to authorize those persons who presently and hereinafter hold the
positions of Mayor, City Manager and Finance Manager to be
signatories on behalf of the City of Ocoee for all of the City's
bank accounts; and
WHEREAS, the City Commission of the City of Ocoee desires
to authorize those persons who presently and hereinafter hold the
positions of Finance Manager and Director of Administrative
Services to be signatories on behalf of the City of Ocoee for all
of the City's accounts, except for bank accounts, including but not
limited to money market accounts and other accounts with brokerages
and other investment and money management companies; and
WHEREAS, the City Commission of the City of Ocoee desires
to authorize the use of facsimile signatures by the signatories for
transactions with respect to the City of Ocoee's bank accounts; and
WHEREAS, the City Commission of the City of Ocoee desires
to authorize the City Clerk, from time to time as necessary, to
certify to banks, financial institutions, brokerages and other
investment and money management companies the names of the persons
holding the positions of authorized signatories; and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF OCOEE, FLORIDA, AS FOLLOWS:
SECTION ONE. Authority. The City Commission of the City
of Ocoee has the authority to adopt this Resolution pursuant to
Article VIII of the Constitution of the State of Florida, Chapter
166, Florida Statutes, and Article VI of the Charter of the City of
Ocoee.
SECTION TWO. Authorized Sianatories for Bank Accounts.
The City Commission of the City of Ocoee, Florida, hereby
authorizes those persons who presently and hereinafter hold the
positions of Mayor, City Manager and Finance Manager to be
signatories on behalf of the City of Ocoee for all of the City's
bank accounts. The signatures of any two of the three authorized
signatories shall be necessary to authorize a transaction with
respect to the City of Ocoee's bank accounts.
SECTION THREE. Facsimile Signatures for Bank Accounts.
The City Commission of the City of Ocoee, Florida, hereby
authorizes the use of facsimile signatures by the authorized
signatories for transactions with respect to the City of Ocoee's
bank accounts.
SECTION FOUR. Authorized Signatories for All City
Accounts, except Bank Accounts. The City Commission of the City of
Ocoee, Florida, hereby authorizes those persons who presently and
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hereafter hold the positions of Finance Manager and Director of
Administrative Services to be signatories on behalf of the City of
Ocoee for all of the City's accounts, except for bank accounts,
including but not limited to money market accounts and other
accounts with brokerages and other investment and money management
companies. The signatures of any one of the two authorized
signatories shall be necessary to authorize a transaction with
respect to such accounts of the City of Ocoee; provided, however,
that all transfers of funds from such accounts, whether by wire
transfer or otherwise, shall be made only to bank accounts of the
City of Ocoee. All transfers of funds from such accounts are
expressly prohibited except for transfers to bank accounts of the
City of Ocoee.
SECTION FIVE. Certification by City Clerk. The City
Commission of the City of Ocoee, Florida, hereby authorizes the
City Clerk, from time to time as necessary, to certify to banks,
financial institutions, brokerages and other investment and money
management companies the names of the persons holding the positions
of Mayor, City Manager, Finance Manager, and Director of
Administrative Services.
SECTION SIB. Severability. If any section, subsection,
sentence, clause, phrase 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.
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SECTION SEVEN. Effective Date. This Resolution shall
become effective immediately upon passage and adoption and shall
remain in full force and effect until repealed.
PASSED AND ADOPTED this day of , 1994.
APPROVED:
ATTEST: CITY OF OCOEE, FLORIDA
Jean Grafton, City Clerk S. Scott Vandergrift, Mayor
(SEAL)
ADVERTISED , 1994
READ FIRST TIME AND ADOPTED
, 1994,
UNDER AGENDA ITEM NO.
FOR USE AND RELIANCE ONLY BY
THE CITY OF OCOEE, FLORIDA
APPROVED AS TO FORM AND LEGALITY
this day of , 1994.
FOLEY & LARDNER
By:
City Attorney
CAw111WO SRFSOBA C.2 4/13/941DEeaIEx PERxIdh
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