Item No: 4.C.1.D.

Meeting Date: August 27, 2012

From: Gladys Johnson, Deputy Finance Director

Subject: Resolution authorizing the Mayor and City Clerk to execute change of authorized signatories on all certificates of deposit held at Branch Banking & Trust, Co. (BB&T).

Staff Recommendation:

Staff recommends adoption of the proposed BB&T Resolution for Deposit authorizing signatures on Certificates of Deposit.

Analysis:

The requested action is necessary to change the name(s) and/or title of the individual(s) authorized on the accounts. Signature changes occur whenever there is a change in Mayor, City Manager, and/or Finance Director.

Options:

1. Approval of the attached resolution authorizing a change of authorized signatories on the accounts at BB&T;

2. Such alternative action as the Commission may deem appropriate

Fiscal Impact:

None

Submission Date and Time: 8/23/2012 11:46 AM____

Department: __Finance_____________ Prepared by: Gladys Johnson_______ Attachments: Yes_X__ No ______ Advertised: ____Not Required __X___ Dates: __________________________ Attorney Review : Yes___ No __X_ _________________________________ Revised 6/10/04

Reviewed by: Dept. Head ________ Finance Dept. __________________ Deputy C.M. ___________________ Submitted by: City Manager ___________________

Account No. __N/A____________ 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 BRANCH BANKING & TRUST, CO. (BB&T); AND PROVIDING AN EFFECTIVE DATE.

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

WHEREAS, Branch Banking & Trust Co. (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 hired a new Finance Director effective July 30, 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, Finance Director, Deputy 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

William Spinelli, Finance Director

City of Leesburg

Gladys Johnson, Deputy Finance Director

City of Leesburg

John Van Horn, Financial Reporting Manager

City of Leesburg

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 27 day of August, 2012.

__________________________

Mayor

ATTEST:

__________________________

City Clerk