1983-03-21 - Resolution 1983-10 - CONTINENTAL BANK OF BUFFALO GROVE IS A DEPOSITORY FOR VBG FUNDS 0403412020
Resolution No. 33-10
CORPORATION
a
I, the undersigned, Do Hereby Certify, that the following is a complete, true and correct copy of certain
resolutions of the Board of Directors of V i 11 a g e of Buffalo Grove
(Name of corporation in full)
a corporation duly organized and existing under the laws of the State of 111 i n o i s
(Name of State where organised)
which resolutions were duly adopted at a duly called meeting of the said Board, held on March 21,
(Date of meeting)
19 8 3 , a quorum being present, and are set forth in the minutes of the said meeting; that I am the keeper
of the corporate seal and of the minutes and records of this Corporation; and that the said resolutions have
not been rescinded or modified:
Be It Resolved, that the Continental Bank of Buffalo Grove, N.A.
be and hereby is designated a depositary in which the funds of this Corporation may be de-
posited by its officers, agents, and employes, and that the Village Treasurer
shall be and each of them hereby is authorized to endorse for deposit or negotiation any and
all checks, drafts, notes, bills of exchange, and orders for the payment of money, either be-
longing to or coming into possession of this Corporation. Endorsements for deposit may be
by the written or stamped endorsement of the company without designation of the person
making the endorsement.
Be It Further Resolved, that the Village President, Verna L. Clayton or
Village Clerk , Janet M. Sirabian (one must sign) and Village Manager
William R. Balling or Finance Director , William H. Brimm (one must
sign)
(Titles of officers and/or other persons authorized to sign checks; e. g.: President, Treasurer, etc.; also please indicate in what man-
ner the above named officers are to sign—singly, any two, or Jointly, etc.)
of this Corporation (are) (is) authorized to SIGN ANY AND ALL CHECKS, DRAFTS,
AND ORDERS, including orders or directions in informal or letter form, against any funds
at any time standing to the credit of this Corporation with the said Bank, and/or against
any account of this Corporation with the said Bank, and that the said Bank hereby is
authorized to honor any and all checks, drafts and orders so signed,including those drawn to
the individual order of any such officer and/or other person signing the same, without fur-
ther inquiry or regard to the authority of said officers) and/or other person(s) or the use
of said checks, drafts and orders, or the proceeds thereof.
Be It Furt d,that the
(Please indicate in what manner the above named officers are to sign—singly, any two, or Jointly. etc.)
SRC FORMS NO.CR-5
. ••- Corporation (are) (is) authorized to borrow from time to time on behalf of this Cor-
poration 'e said Bank such sums of money for such times and upon such terms as may
to them, or any o -•em advisable, and to execute in the name of the Corporation notes,
drafts, or agreements for t e - , ent of any sums so borrowed, and they and each of
them are hereby authorized to discoun i e said Bank any of the notes, bills receivable
or acceptances held by this Corporation upon su as they may deem advisable and
to pledge or hypothecate as security to said Bank any of t • . • . Inds, stocks,bills receiv-
able, warehouse receipts and/or other documents, accounts, securities :,. . • .roperty of the
Corporation, and to execute and deliver any and all endorsements or instrumen - : •-ign-
ment or transfer which may be necessary or nrorwr in snrh rasaQ afffartnally to tea
the said Bank the property so hypothecated or delivered;
Be It Further Resolved, that this corporation by its duly authorized agent, enter into an
agreement with the said Continental Bank of Buffalo Grove, N.A_
contemporaneously with the opening of said account whereby said corporation agrees in con-
sideration of the opening of said account to assume and pay all expenses, costs and attorney's
fees incurred by said Bank in any legal proceedings brought against the said Bank by reason
of the said account and further agrees that any funds in possession of the said Bank to the
credit of this corporation may at any time be applied toward payment of such expenses.
Be It Further Resolved, that each of the foregoing resolutions shall continue in force un-
til express written notice of its rescision or modification has been received by the said Bank,
but if the authority contained in them should be revoked or terminated by operation of law
without such notice, it is resolved and hereby agreed for the purpose of inducing the said
Bank to act thereunder, that the said Bank shall be saved harmless from any loss suffered
or liability incurred by it in so acting after such revocation or termination without such
notice.
I Further Certify that the following named persons are the officers of the said Corporation, duly quali-
fied and now acting as such:
President V e r n a L. Clayton Asst. Secretary
Vice-President Asst. Treasurer
Vice-President Village Manager William R. Balling
Janet M. Sirabian Finance Director William H. Rrimm
Village Clerk
Treasurer Paul Kochendorfer
In Witness Whereof, I have hereunto subscribed my name and affixed the seal of the said Corporation,
this 21 s t day of March , A. D. 19_8.3_.
SEAL,._-.- _ _ _ CJ � ,
Village Clerk
IMPOI APPf:—
Imprint"Seal-of- -
Corporation Here.
TO: William R. Balling
FROM: William H. Brimm
DATE: March 16, 1983
SUBJECT: Corporate Savings Account Resolution gZ_lp
Attached, please find for consideration by the President and Board of
Trustees at the Regular Meeting of March 21 , 1983 a resolution from the
Continental Bank of Buffalo Grove to formally change the name of one of
our Corporate Savings accounts maintained there.
As you know, the loan for facilities remodeling was retired as of November
1 , 1982. With this retirement, there is no longer the need to formally
maintain the Remodeling Debt Service fund and final reporting for this
fund will be noted in the FY 1982-1983 Annual Audit.
The debt issued for the contractual street maintenance program must be
accounted for through a debt service fund when principal and interest is
paid and revenue is received. Rather than open an entirely new fund,
the Remodeling Debt Service Fund will now be known as the Contractual
Street Maintenance Debt Service Fund. The savings depository account
therefore must be changed to reflect the new designation. This Resolution
will accomplish this.
William H. Brimm