FINANCE DEPARTMENT
M E M O R A N D U M
To: Honorable Mayor and City
Commission
From: Richard D. Sala, City Manager
By: Brian K. Raducci, Finance
Director
Date: May 29, 2007
Subject: Change in Signatories – SunTrust Bank
As a result of recent staff changes, it is necessary
to advise our current banking services provider - SunTrust Bank of those
changes and to revise certain bank forms in order to designate the appropriate
City representatives who are authorized to have access to the City’s bank accounts.
These forms designate the appropriate City
representatives who will have authority to access all of the City’s bank
accounts and are utilized to maintain proper internal controls.
The City is responsible for filing several forms
with SunTrust Bank to reflect staffing changes and account signatory
authorization. These bank forms ensure
that SunTrust’s records are kept up to date with the City’s intended
authorizations. The bank forms include:
1.
Deposit Account Resolution and Authorization for Business Entities – establishes the
“officers” of the account are the custodians to the account. The officers have access to the account(s)
and can make deposits/withdrawals on behalf of the City.
2.
Business Account Signature Card – is essentially a signature card that the bank
keeps on file for signature verification (for checks and other important
documentation/requests).
3.
Schedule A to Funds Transfer Agreement – lists authorized users to
initiate and transmit wire transfers.
The following individuals were previously authorized
and will continue to have access to the accounts described above:
Brian
K. Raducci, Finance Director
(for the North Lauderdale
Water Control District)
At this time, the form will be updated to reflect the following
deletions:
C.
Andrea
A. Gerlach, former Deputy City Clerk II
Ydia
A. Forster, former Controller
RECOMMENDATION:
The Administration recommends Commission’s
consideration and approval of the attached Resolution authorizing and directing
the City Manager to amend the list of authorized SunTrust bank account users
for all accounts as set forth on the Deposit Account Resolution and
Authorization for Business Entities and the Business Account Signature Card and
the Schedule A to Funds Transfer Agreement.
RESOLUTION NO ________
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
WHEREAS, the City Commission for the
City of North Lauderdale (“City”), previously authorized the use of SunTrust
Bank for Banking Services; and
WHEREAS, as a result of recent staff
changes, it is necessary to advise SunTrust Bank of those changes and to revise
the City’s signature cards in order to designate the appropriate City
representatives who are authorized to have access to the City’s accounts; and
WHEREAS, the City Commission finds that it is in the best interests of the City
to approve changes to the Deposit Account Resolution and Authorization for
Business Entities and the Business Account Signature Card and the Schedule A to
Funds Transfer Agreement in order to designate the appropriate City
representatives who will have authority to access the City’s accounts and to
maintain proper internal controls.
NOW, THEREFORE, BE IT RESOLVED BY
THE CITY COMMISSION OF THE CITY OF
Section 1. The foregoing “WHEREAS” clauses are hereby ratified
and confirmed as being true and correct and are hereby made a specific part of
this Resolution upon adoption hereof.
Section 2. That the City Manager be and the same is
hereby authorized, and directed to amend the list of authorized users for all SunTrust
accounts as set forth on the Deposit Account Resolution and Authorization for
Business Entities and the Business Account Signature Card and the Schedule A to
Funds Transfer Agreement.
Section 3. That this amendment shall delete the
former City Clerk, C.
Section
4. This Resolution shall
take effect immediately upon its adoption.
PASSED AND ADOPTED BY THE CITY COMMISSION
OF THE CITY OF
APPROVED
AS TO FORM:
__________________________________
CITY
ATTORNEY SAMUEL S. GOREN
______________________________
MAYOR
JACK BRADY
______________________________
VICE
MAYOR RICH MOYLE
ATTEST:
_________________________________
DEPUTY CITY CLERK