Description: AGENDAHED.JPG

Item No:                    4.C.5.

 

Meeting Date:           June 11, 2012

 

From:                          Gladys Johnson, Interim Finance Director

 

Subject:                      Resolution authorizing the Mayor and City Clerk to execute Change of Authorized Signatories on all certificates of deposit at BB&T.

 

 


Staff Recommendation:

Staff Recommends approval of the resolution authorizing a change of authorized signatories of those eligible to enter into a deposit agreement with BB&T.

 

Analysis:

The City of Leesburg, with professional input from the City’s Investment Manager, from time to time, enters into deposit agreements with BB&T for purposes of investing the City’s money.  BB&T has requested the City execute a “Resolution and Agreement for Deposit Account” to identify persons eligible to enter into a deposit agreement with BB&T.  The requested action is necessary to change the names of the individuals so authorized to enter into a deposit agreement in the name of the City Commission of the City of Leesburg, Florida, with BB&T due to the resignation of Jerry Boop, former Finance Director.  Signature card changes occur whenever there is a change in City Manager and/or Finance Director.

 

Options:

  1. Approve the attached resolution authorizing a change of authorized signatories of those eligible to enter into a deposit agreement with BB&T, or
  2. Such alternative action as the Commission may deem appropriate

 

Fiscal Impact: 

None

 

Submission Date and Time:    6/7/2012 11:29 AM____

 

Department: ___Finance_____

Prepared by:  Gladys Johnson                     

Attachments:         Yes____   No ___x_

Advertised: _____ Not Required_x__                     

Dates:  June 11, 2012                     

Attorney Review :       Yes___  No __x_

                                                

______________________________           

Revised 6/10/04

 

Reviewed by: Dept. Head ________

 

Finance  Dept. __________________                                     

                              

Deputy C.M. ___________________                                                                         

Submitted by:

City Manager ___________________

 

Account No. _________________

 

Project No. ___________________

 

WF No. ______________________

 

Budget  ______________________

 

Available _____________________


 

RESOLUTION NO._______________

 

 

RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA, AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE CHANGE OF AUTHORIZED SIGNATORIES ON ALL CERTIFICATES OF DEPOSIT AT BB&T; AND PROVIDING AN EFFECTIVE DATE.

 

BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA:

 

            WHEREAS, BB&T, whose address is BB&T Capital Markets – Fixed Income, 901 E. Byrd St., 3rd Floor, Richmond, VA 23219, has qualified as a City Depository pursuant to the provisions of Chapter 280, Florida Statutes; and,

 

            WHEREAS, inasmuch as the City of Leesburg has changed the responsibilities of Finance Director as a result of the resignation of Jerry Boop effective January 31, 2012, and,

 

            WHEREAS, the Commission, in and for the City of Leesburg, desires to authorize a change of signatories as required by BB&T to honor all deposit agreements in the name of the City of Leesburg on its certificates of deposits at BB&T, and,

 

            WHEREAS, BB&T has requested that the Commission provide a sample of the signatures of the City Manager, Interim Finance Director, and Financial Reporting Manager of the City of Leesburg, Florida to facilitate the above referenced transactions.

 

            NOW THEREFORE, BE IT RESOLVED by the Commission, in and for the City of Leesburg, Florida as follows:

 

            THAT, the City of Leesburg hereby authorizes the changes in signatories to honor all deposit agreements in the name of the City of Leesburg on its certificates of deposits held at BB&T, as follows:

 

            Jay Evans, City Manager

            City of Leesburg, Florida

 

            Gladys Johnson, Interim Finance Director

            City of Leesburg, Florida

 

            John Van Horn, Financial Reporting Manager

            City of Leesburg, Florida

 

            THAT, BB&T is being provided a sample of the signatories of the aforementioned authorized persons.

 

            THAT, upon adoption by the Commission in open session, this resolution shall be made part of the Public Records of the City of Leesburg, Florida, and a copy hereof shall be furnished to BB&T.

 

             THAT this resolution shall become effective immediately.

 

PASSED AND ADOPTED by the City Commission of the City of Leesburg, Florida, at a regular meeting held the __11th___ day of June, 2012.

 

 

 

                                                                            __________________________

                                                                             Mayor

 

ATTEST:

 

 

__________________________

City Clerk