HomeMy WebLinkAbout1996-R-10 - DEPOSITORY TRANSACTIONSRESOLUTION NO. 1996 - 10
RESOLUTION AUTHORIZING
'T HE DIRECTOR OF FINANCE TO ENGAGE
IN CERTAIN DEPOSITORY TRANSACTIONS
ON BEHALF OF THE CITY OF STEPHENVILLE
BE IT RESOLVED BN FHE CITY COUNCIL OF THE CITY OF STEPHENVILLE:
1. That Stephenville Bank & Trust Company is designated as the depository for the funds of the
Cite of Stephenville pursuant to the Depository Agreement for the year beginning October
1, 1996 and ending September 30, 1997, attached hereto.
2. That the Director of Finance of the City is hereby authorized and empowered, for and on
behalf' of the C aNT to establish and maintain one or more accounts with the depository I" r the
purpose of pu-rchasing, investing in, acquiring, selling, possessing, disposing of, transferring,
exchanging, pledging, financing, engaging in transactions to deposit, withdraw, rediscount,
or borrow, and �ucanerally dealing in and with the funds of the City.
3. That each of said officers shall have the fullest authority at all times with respect to the
aforesaid transactions, including without limitation authority to give written and oral
instructions to depository with respect to said transactions; to bind and obligate the City for
transactions with depository, which shall be entered into by such officers on. behalf of the
City; to sign for the City all releases, powers of attorney or other documents in connection
with said accounts; to appoint any other person or persons to do any and all things which said
officers are heretw empowered to do; and generally to do and take all actions considered
necessary or desirable by such officers in connection with such accounts.
4. That such depository may deal with the officers empowered by this resolution, direct:[y or
indi?`ectly, as +11aough they were dealing directly with the City.
That the City Secretary of the City is hereby authorized, empowered and directed to cenify
the following documents to the depository and to affix the City seal thereon.
ta) certified c-opies of this resolution; and,
(b) specimen signatures of the persons empowered by this resolution.
6. That the Citv is a home rule municipal corporation, duly organized and existing under the
laws of the State of Texas, that its charter empowers it to transact the business defined in this
resolution, and that no limitation has been imposed upon such powers by its charter, state law
or otherwise which prevents the transaction of such business.
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7. That depository ti-iay rely upon the authority given under this resolution, as continufrIg in
effect until they receive written notice of a change in or recision of such authority.
8. That in the event of any change in the office or powers of the persons hereby empowered, the
City Manager of the City shall send written notice of such change to -the depository with
whoiii the City does business') which notification, when received, shall. amend or terminate the
powers of the pet -sons theretofore authorized.
9. 'That this resolution shall apply not only to transactions and agreements with the depository
which may take place after the adoption hereof, but shall also apply to those transactions
which niay have been made by the officers named herein prior to the adoption hereof, aII of
which, together with the actions of such officers, are hereby ratified, confirmed and approvedl.
PASSED AND APPROk"ED this the 15th day of October, 1996.
AT TE S T
Citidy,St 0 -d, �4v Stary
Reviewed Donald B. Davis,
(C.`ity.tumiri-Istrator
Randy Thomas., C'ty'Attoriiey
Approved (-,i.s to I *(--)rin ajid legality
Jo ollan, MayorIr
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