HomeMy WebLinkAboutResolution - 98-21 RESOLUTION NO. 98- 21
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SAN JACINTO, CALIFORNIA AUTHORIZING
A WIRE TRANSFER AGREEMENT BETWEEN THL CITY AND
THE BANK OF HEMET
WHEREAS, the City Council has reviewed copies of the proposed Wire Transfer Agreement
("Agreement"), to be entered into by the City and the Bank of Hemet ( -Bank-); and
WHEREAS, the Council has determined that its participation in the Bank's wire transfer activity
will be oil the terms and conditions set forth in the Agreement:
THEREFORE. IT IS HEREBY RESOLVED:
1. It is in the best interest of the City to participate in wire transfer activity, to include
submission of wire transfer payment orders ("Requests"), such participation to be on the terms
and conditions set forth in the Agreement; and
3. The Council authorizes and directs an authorized off icer of the City, for and on behalf of the
City to negotiate, execute and deliver the Agreement and any renewals or amendments thereof;
with such terms. covenants, and conditions as such officer or officers executing the Agreement
on behalf of the City tnav approve, such approval to be conclusively evidenced by the execution
and delivery of the Agreement; and
i. The Council has considered the seeurity procedures contemplated by the Agreement. and
finds that such security procedtires <ue commercially reasonable procedures for verifying that a
Request or other coinntunication purporting to have been issued by the City as originator is in
fact a Request of the City. In reaching this determination, the Council has considered the size,
type and frequency of Requests that the City anticipates issuing to the Bank; and
q, The Council is aware that the Bank may have available alternative security procedures that my
provide a greater degree of certainty for verification of the authenticity of a Request, and
authorizes and directs an authorized officer of the City to disclose to the Bank the size, type and
frequenc.,, of Requests that t)e City anticipates issuing to the Flank, to review altemative security
procedures available from the Bank, and to consent to and agree to the use of the security
procedures set forth in the Agreement as submitted to the Council only after determining that
suclI procedures are appropriate for the City. such determination to be conclusively evidenced by
the execution and deivcry of the Agreement, and
The Council authorizes and authorized officer in connection with the Agreement (a) to
initiate. cancel. conform or verity the authenticity of Requests. whether given orally,
electronically, written or by facsimile instructions; and (b) to designate to any such persons, as he _.
or she deems appropriate; and
6. The Council authorizes an authorized officer in connection with the Agreement to delegate
any of the authorities granted to him or her under these resolutions to one or more persons and to
revoke any authorization granted to any such person, as he or she deems appropriate; and
7. The Bank is authorized to act and rely on these resolutions until it actually receives written
notice of their amendment or revocation; and
S. As used in these Resolutions, the term, "authorized officer of the City" shall mean the
following acting separately:
Title Name Signature h:itial
a. interim Finance Director George H. Kaenel -�a_
b. Financial Supervisor Anne M. Ilallberg i
f
e. City Manager L. Michael Hanavan
d. Mayor James L. Smedley
1 .
e. Vice Mayor Deborah M. Cornett J I n i
APPROVED AND ADOPTED this 16th day of April, 1998.
Ayes: Ccuncilmembers Conner , Cornett , Good Mayor Smedley
Noes; Ilene
Abstain: P!r n e
Absent: Counci :member Williams
Mayor
ATTEST:
Pamela L. Lee, City Cleric
City Clerk
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