Loading...
2007-13Y V U.1 U Corporate Resolution. ACCOUNTNUMBER Resolu=tion 12007- 13 _ BUFFALO OVE BANK & TRUST T11 A bra ­h Y'Nu thhruok Batik & Trust 200 BUFFALO GROVE ROAD, BUFFALO GROVE, ILLINOIS 60089 PHONE: 847-634-8400 FAx:847- 634 -8410 Janet M. Sirabian do hereby certify that I am the duly elected /appointed and qualified Secretary and the keeper of the records and corporate seal of Village of Buffalo Grove a corporation organized and existing under the laws of Illinois and that the following is a true and correct copy of certain resolutions duly adopted at a meeting of the Board of Directors thereof, convened and held in accordance with law and the by -laws of said corporation on the 9th day of April 2007 and that such resolutions are now in full force and effect and are not in contravention of, or in conflict with the by -laws or the charter or articles of incorporation of said corporation, and that the following resolutions also constitute an agreement by said corporation with Buffalo Grove Bank & Trust ( "Bank ") in respect to the matters herein set forth: BE IT RESOLVED, that the Bank be and hereby is designated as a depositary of this corporation. The depositary relationship governed by these regulations and agreements may be terminated by this corporation by written notice to said bank, or by said bank by written notice to this corporation. /j1lM* Rr 1/.11a %p Ct ieeA- °, Ftnh^a* t)%,ww_ m* BE IT FURTHER RESOLVED, that thgAunds of this corporation may be depoplKed by its officer ents and employees and that the President, 2R1 W *ee ^ the Treasurer, and , the Seeretartr and or any other officer of this corporation be and hereby is authorized to open and maintain an account or accounts with said Bank and to endorse and deposit with said Bank negotiable instruments and orders for the payment of money which endorsements may be made in writing or by a stamp and without designation -of the person so endorsing, and it being understood and agreed that on all such items deposited all prior endorsements are guaranteed by this corporation whether or not expressly incorporated therein. Said Bank may return to this corporation any Item not clearly endorsed by the corporation, or may endorse any such item on the corporation's behalf in order to facilitate collection. The Bank shall not be liable for any delays in the presentment or return of negotiable instruments and orders for the payment of money which are not properly endorsed. AND BE IT FURTHER RESOLVED, that any -ryea of the following: The Chairman of the Board of Directors, (insert number of signatures required on each instrument.) the President, , the Treasurer, any , the , or V"Ita.tG U31o. � N611t.e,,&A pr FxN&r cc.E 1Z>vrae.4ea. (Use blank spaces for additional titles or to authorize counter- signatures. Rule out all spaces not so used. Rule out titles of all officers not authorized to sign. ) (or any other officers, agents or employees who may hereafter be designated in writing by &Y PE krwx a "."Ve ) of this corporation be authorized: rRute out if inapplicable ) To make and from time to time continue to make arrangements and to issue such instructions as to him /them shall seem proper for the conduct of any such account or accounts, and To sign checks and orders for the payment of money withdrawing funds from said account or accounts whether such checks and orders create or increase an overdraft of said account or accounts or not, (payment or non payment of any such overdraft to be at the option of said Bank), and the Bank is hereby authorized and directed to act upon and honor any instructions so issued and to honor, pay and charge to any account or accounts, of this corporation all checks and orders for the payment of money so drawn when so signed without inquiring as to the circumstances of their issue or the disposition of their proceeds, whether such checks be payable to the order of, or endorsed or negotiated by any officer or person signing them, or any of said officers or persons in their individual capacities or not, and whether they are deposited to the individual credit of or tendered in payment of the individual obligation of any officer or person signing them or of any of the other officers or persons or not, and rn Z 0 v a U) Z 0 W 0) AND BE IT FURTHER RESOLVED, that any of the following: The Chairman of the Board of D' ctors, (insert number of signatures required on each instrument.) the President, any Vice President, the Treasurer, any Assistant Treasurer, the Secretary, any Assistan ecretary, or (Use blank spaces for additional titles or to authorize counter- signatures. Rule out all spaces not so used. Rule titles of all officers not authorized to sign.) of this corporation be authorized upon such terms and conditions as to him /them II seem proper: To deliver to and deposit with the Bank for safekeeping, custody, PEAffier purposes any bonds, stocks, securities, and other property owned or otherwise held by this corporation and in pennection therewith to open and maintain with said Bank a safekeeping or custody account or accounts and to makeXne initial deposit therein and from time to time to make other and additional deposits and to sign orders and issue i ructions to said Bank for the conduct of said account or accounts, and To withdraw, receive, and receipt for d to wit raw upon trust receipt on the responsibility of, and at the risk of this corporation, and to sign orders and issue in Ions for the handling, transfer, registration, sale substitution, exchange, and delivery of any bonds, stocks, securities nd other property and the proceeds thereof, delivered to, deposited with or otherwise held by said Bank for the accou of this corporation. Such withdrawals, substitutions, exchanges, and deliveries whether subject to payment or not anqWhethir pursuant to sale, exchange, or other transaction, may also be made by the bearer of any order, receipt, or requ9d so signed, and To purchase bonds, stoSK, securities, and other property and to sign orders and issue instructions in connection with the purchase, the payment/Me registration, and the delivery thereof, and To sell, pledge,,Aransfer, assign, exchange, deposit with any reorganization committee, bondholders. protective, or other similar committe , or otherwise dispose of any bonds, stocks, securities, and other property belonging to or standing in the name of this rporation or its nominee or held by this corporation for the accottht of others, and to sign orders and issue instructio regarding the handling of any matters connected with such transactions, and o identify and guarantee assignments, transfers, and endorsements for transfer on bonds, stock certificates, interim, articipation, and other certificates and to identify and guarantee signatures on bond and stock powers of attorney. AND BE IT FURTHER RESOLVED, that this corporation agrees to examine statements of account and both sides of accompanying items and to notify Bank of any unauthorized or missing signature or alteration of any item, or any error in the statement, within thirty days from the date it is available for examination or the date it is mailed and agrees to notify the Bank of any unauthorized or missing or forged endorsement within six months from the date it is available for examination or the date it is mailed; failure to so notify the Bank as provided above shall preclude this corporation from asserting against the Bank any such unauthorized or missing signature or endorsement, alteration, error, or forgery. AND BE IT FURTHER RESOLVED, that each of the aforementioned officers, or persons authorized to act for this corporation in any case aforesaid, shall be and hereby is further authorized, without the concurrence of any other officer or person: To waive presentment, demand, protest, and notice of dishonor or protest and to give instructions in regard to the handling or delivery of any negotiable or non - negotiable papers or documents involved in any transactions for or on behalf of this corporation, and To sign reconcilements and certify to the correctness of statements of account and approve and authorize adjustments therein, and To act for this corporation in the transaction of all other business for its account and to sign orders and issue instructions to the Bank in connection therewith. AND BE IT FURTHER RESOLVED, that the Secretary or any other officer of this corporation be and hereby is authorized to certify to said Bank a copy of these resolutions and the names and signatures of this corporation's officers or employees hereby authorized to act in the premises, and said Bank is hereby authorized to rely upon such certificate until formally advised by a like certificate of any change therein, and is authorized to rely on any such additional certificates provided that any additional certificates shall not be effective with respect to any check or other instrument for the payment of money dated on or prior to the date of such additional certificate but presented for payment after receipt thereof by the Bank. ANY PROVISION HEREOF which may be declared unenforceable under any law shall not affect the validity of any other provision hereof. This agreement shall be governed by and construed in accordance with the laws of the State of Illinois. Village Board Meeting Agenda Item Monday, April 9, 2007 Resolution 2007 - Authorizing the Opening of a New Corporate Account at the Buffalo Grove Bank & Trust 0 Agenda Section: Consent Agenda: Ordinances and Resolutions Order In Section: B Type of Item: Resolution for Agenda Department: Finance & GS Requested By: Scott D Anderson Entered By: Scott D Anderson Trustee Liaison: Trustee Braiman Additional Documentation: Other Agenda Items: Overview Attached for consideration by the President and Board of Trustees is a Corporate Resolution authorizing the establishment of a Corporate Account at the Buffalo Grove Bank & Trust. This resolution is required to open and manage the account. The initial intent is to transfer reserve balances in the Health Self Insurance Fund to an investment product (money market) that offers a competitive interest rate and maintains a level of liquidity that staff requires.