HomeMy WebLinkAboutResolution - 99-7 RESOLUTION NO. 99- 7
RESOLUTION OF I HE CITY COUNCIL OF THE
CITY OF SAN JACINTO, CALIFORNIA AUTHORIZING
A WIRE TRANSFER AGREEMENT BETWEEN THE CITY AND
THE BANK OF HEMET
WHEREAS, the City Council has reviewed copies of the proposed Wire Transfer Agreement
(the "Agreement"), to be entered into by and between 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 on the terms and conditions set forth in the Agreement;
NOW,THEREFORE, IT 1S 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") to be on the terms and conditions set
north in the Agreement; and
�• ?. The Council authorizes and directs an authorized officer 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 may approve, such approval to be conclusively evidenced by the execution
and delivery of the Agreement; and
3. The Council has considered the security procedures contemplated by the Agreement, and
finds that such security procedures are commercially reasonable procedures for verifying that a
Request or other communication 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 flank; and
4. The Council is aware that the Bank may have available alternative security procedures that
may provide a greater degree of certainty for verification of the authenticity of Entries, and
authorizes and directs an authorized officer of the City to disclose to the Bank the size, type and
frequency of Requests that the City anticipates issuing to the Bank,to review alternative 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
such procedures are appropriate for the City, such determination to be conclusively evidenced by
the execution and delivery of the Agreement; and
5. The Council authorizes an authorized officer in connection with the Agreement (a)to initiate,
cancel, conform or verify the authenticity of Requests, whether given orally, electronically,
written or by facsimile instructions; and (b)to designate any such persons, as he or she deems
appropriate; and
h. The Council authorizes an authorized officer in connection with the Agreement to delegate
anv of the authorities granted to him or her undcr this icsolution to one or more persons and to
revoke any authorisation granted to any such person, as he or she deems appropriate; and
7. The Bank is authorized to act and rely on this resolution until it actually receives written
notice of its amendment or revocation; and
S. .As used in this Resolution, the term, "authorized officer of the City" shall mean the following
acting separately:
Title Name Signature Initial
a. Interim Finance Director George 11. Kaenel
b. Accountant Ray Bouza
c. City Manager L, Michael Hanavan
d. Mayor Debbie Cornett &\Aj-
J
e. Vice Mayor M. Joan Good
APPROVED AND ADOPTED this 21st day of January, 1999.
Ayes: Councilmembers Conner, Good, Smedley, Williams and Mayor Cornett
Noes; None
Abstain: None
Absent: None n
Mayor
ATTEST:
Pamela L. Lee, City Clerk
City Clerk