AGENDA MEMORANDUM

                                   

Meeting Date:           September 24, 2007

 

From:                          Bill Pfeilsticker, Finance Director

 

Subject:                      Resolution authorizing the Mayor, City Manager and Finance Director as signatories for Suntrust Bank Gas Trust Account #6789611.

 

 

Staff Recommendation:

Staff recommends approval of the resolution authorizing the Mayor, City Manager, and Finance Director to act on behalf of the City in transactions with the Suntrust Bank Gas Trust Account #6789611.

 

Analysis:

Suntrust Bank is the trustee for the City of Leesburg Gas Trust Account #6789611. Florida Gas Utility requires the City to $657,000 in a trust account payable to them. The total deposit remains the property of the City unless the City defaults on the monthly payment for natural gas purchases which can be in excess of $1 million.

 

Suntrust Bank requires that a signature form showing authorized signatures be on file at all times.  Historically, the Mayor, City Manager, and Finance Director have been authorized to act on behalf of the City in transactions in the Suntrust Bank Gas Trust Account #6789611.  This resolution authorizes the signatures of Sanna Henderson, Jay Evans and Jerry Boop for the described account.

 

Options:

1.  Approve the resolution as presented; or,

2.  Such alternative action as the Commission may deem appropriate

 

Fiscal Impact:

There is no fiscal impact if the resolution is adopted.

 

Submission Date and Time:    091307 

Department: _________________________

Prepared by:  _______________                     

Attachments:         Yes____   No ______

Advertised:   ____Not Required ______                     

Dates:   ____________________                     

Attorney Review :       Yes___  No ____

_________________________________           

Revised 6/10/04

 

Reviewed by: Dept. Head ________

 

Finance  Dept. __                                     

 

Deputy C.M. _____                                 

 

Submitted by: ____________________

 

Account No. _________________

 

Project No. ___________________

 

WF No. ______________________

 

Budget  ______________________

 

Available _____________________


 

RESOLUTION NO._______________

 

A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA, AUTHORIZING SUNTRUST BANK TO HONOR ALL CHECKS, DRAFTS, OR OTHER ORDERS FOR PAYMENT OF MONEY DRAWN IN THE NAME OF CITY OF LEESBURG, GAS TRUST ACCOUNT  #6789611; AUTHORIZING SUNTRUST BANK TO HONOR AND CHARGE THE CITY COMMISSION FOR ALL SUCH ORDERS FOR THE PAYMENT OF MONEY; DESIGNATING THE INDIVIDUALS AUTHORIZED TO ISSUE ORDERS FOR THE PAYMENT OF MONEY ON BEHALF OF CITY OF LEESBURG GAS TRUST ACCOUNT #6789611 AND PROVIDING A SAMPLE OF SAID INDIVIDUALS SIGNATURE;  AND PROVIDING AN EFFECTIVE DATE.

 

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

 

            WHEREAS, Suntrust Bank. has qualified as a City depository pursuant to the provisions of Chapter 280, Florida Statutes; and,

 

            WHEREAS, inasmuch as SunTrust Bank has been designated as a qualified depository for City of Leesburg Funds, the City Commission desires by means of this resolution to authorize said depository to honor all checks, drafts, or other orders for the payment of money drawn in the name of the City of Leesburg, Florida Gas Trust Account #6789611;

 

            WHEREAS, the City Commission, in and for the City of Leesburg, Florida desires to authorize SunTrust Bank to honor and charge the City Commission for all such checks, drafts, or other orders the payment of money; and,

 

            WHEREAS, SunTrust Bank has requested that the City Commission provide sample of the signatures of the Mayor, Interim City Manager, and Acting Finance Director of the City of Leesburg, Florida to facilitate the above referenced transactions. 

 

            NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION, IN AND FOR THE CITY OF LEESBURG, FLORIDA AS FOLLOWS:

 

That SunTrust Bank as a designated depository of the City of Leesburg, Florida, is hereby requested, authorized, and directed to honor all checks, drafts, or other orders for the payment of money drawn in the name of the City of Leesburg, Florida Gas Trust Account #6789611, including those drawn by the Mayor, Interim City Manager, and Acting Finance Director when bearing or purporting to bear the actual or facsimile signature of any two of the following individuals:

 

_________________________________

Sanna Henderson, Mayor

City of Leesburg, Florida

 

_________________________________

Jay M. Evans, Interim City Manager

City of Leesburg, Florida

 

__________________________________

Jerry Boop, Acting Finance Director

City of Leesburg, Florida

 

That SunTrust Bank is hereby entitled to honor and to charge the City Commission of the City of Leesburg, Florida for all such checks, drafts, or other orders for payment of money, regardless of by whom or by what means the actual or purported facsimile signature or signatures thereon may have been affixed thereto if such signature or signatures resemble the specimens above.

 

That this authorization for the honoring of checks, drafts, or other orders for the payment of money drawn on demand deposits, time deposits, or savings accounts of the City Commission of the City of Leesburg, Florida Gas Trust Account #6789611 is cumulative, and the authority granted hereby is not limited by any previous authorization.

 

That, upon adoption by the City Commission in open session, this resolution shall be made a part of the Public Records of the City of Leesburg, Florida, and a copy hereof shall be furnished to SunTrust Ban

 

This Resolution shall take effect immediately.

           

PASSED AND ADOPTED by the City Commission of the City of Leesburg, Florida, at a regular meeting held the 24th day of September 2007.

 

 

 

                                                                            __________________________

                                                                             Mayor

 

ATTEST:

 

 

__________________________

City Clerk