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Home My WebLink AboutR-904-2-89RESOLUTION NO. 9 0 4- 2- R 9 (g) A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN COUNTY, TEXAS, AUTHORIZING CERTAIN EMPLOYEES TO VERBALLY REQUEST THE TRANSMISSION OF FUNDS FROM TEXAS AMERICAN BANK/MCKINNEY TO OTHER BANKS. WHEREAS, from time to time, the City of Allen verbally requests Texas American Bank/McKinney (the "Bank") to transfer funds to other banks or to other accounts at the Bank for credit to persons designated by the City of Allen in amounts not to exceed the collected balance on deposit with the Bank, in a manner which makes it inconvenient or impossible to execute prior written authorization, instructions or releases otherwise required by the Bank so that the Bank must have standing instructions upon which to act pursuant to verbal requests for the transfer of funds; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN COUNTY, TEXAS, THE EMPLOYEE'S OF THE CITY OF ALLEN, LISTED BELOW ARE HEREBY AUTHORIZED TO REQUEST THE TRANSMISSION OF FUNDS BELONGING TO M CF-rY OF ALLEN. on McCkLrty, City Charlotte Smith, Finance Director The authority conferred herein shall continue in force and effect until written notice of revocation shall be received by the Bank. DULY PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN COUNTY, TEXAS, ON THIS THE 16th DAY OF February , 1988. APPROVED: Pub Farmer, MAYOR ATTEST: 3 Marty Hendrix, C, CITY SECRETARY Gentlemen: CITY OF ALLEN ("Customer") authorizes Texas American Bank/McKinney ("Bank") to receive, execute, and charge our account(s) for all telephonic, telegraphic, computer communication device, oral or written funds transfer requests, when such requests are received frau an authorized Customer representative listed in Schedule A. Accordingly, Customer and Bank agree as follows: (1) In accordance with this Agreement, Bank may: (a) Transfer funds from specified Customer aocount (s) with Bank to any other specified Customer bank account(s) whether such account(s) are with Bank or other bank (s) ; and (b) Transfer funds from Customer account (s) with Bank to any account(s) of a third party, whether such third Party account (s) are with Bank or other bank(s). (2) Bank shall assign a password identifying Customer for wire transfer purposes. Bank will notify Customer in writing of such password following Bank's receipt of a fully signed copy of this Agreement and all Schedules attached hereto. After being notified of the password, Customer's authorized representative will be required to advise Bank of Customer's password at the time of each wire transfer request. Bank will not be obligated to honor any wire transfer request unless, at the time of a request, Customer's authorized representative properly identifies himself and states Customer's password. (3) In the event that any telePhOm transfer request becomes repetitive (oecuring at least monthly with the instructions remaining constant except for the date and transfer amount), the Bank may assign a unique Code Number to the repetitive transfer. These instructions must be specified in writing by Customer in Schedule B, Authorization for Repetitive (Line Sheet) Funds Transfers. Upon receipt of Schedule B, Bank will return the signed Schedule B with the Code Number to Customer. FSrcam that point on, Cust0mer must use both Password and Code Number in requesting Bank to make these repetitive transfers. (4) If Customer is a corporation, Customer shall execute the Resolution Authorizing Wire Transfer of Funds attached hereto as Schedule C and return such Resolution with a signed copy of this Agreement. (5) Bank may, at Bank's sole discretion, and without liability for failing to do so, call one of Customer's authorized representatives (other than the representative who originated the request) to authenticate a request prior to initiating a transfer. If Bank is unable to authenticate such request, Bank may, at Bank's option, refuse to make the requested transfer. (6) Bank may rely upon the authority of the authorized representatives listed in Schedule A until Bank's Wire Transfer Department has received written notice from Customer specifying a change therein. (7) Bank is authorized to electronically record telephone conversations between Bank and Customer's authorized representatives. The decision to record a call is solely within Bank's discretion and Bank shall have no liability for failing to do so. (8) Bank will mail daily to Customer at the address(es) listed on Schedule A notification(s) of all transfer(s) made. Customer will promptly r'e'port in writing to Bank any discrepancies between Customer's records and the notification mailed by Bank. In no event will Bank be liable with respect to any transfer unless Bank receives Customer's report of a discrepancy within fourteen (14) days after the day that Bank mails to Custc aer the notification. (9) Transfer requests will at no time exceed the collected balance in the Customer's acoount (s) at the Bank, as determined by the Bank. (Customer shall be liable for any funds transferred upon proper instructions by Custarer whether or not such amount exceeds collected balance at the Bank). (10) Compensation, if any, for loss of interest or use of funds due the customer as a result of a Bank error or of the Bank's failure to execute a transfer request on the date received when received prior to the Bank's published deadlines will be for a period not exceeding fourteen (14) days, (the Custamer Notification of Discrepancies period) or the date of actual transfer or error correction, which- ever aures first, and will be in the form of either of the following at the Bank's option. (a) Adjust the aggregate ledger and collected balances of the Customer's accent to reflect properly in the average balances on the account analysis the amount that would have resulted had no error occurred. (b) Reimbursement by check not exceeding the average Find Finds interest rate for the period and aacxnt in question. (11) All requests by Costner for transfers shall conform to the procedures as Bank may from time to time prescribe. Bank may change these pro- cedires upon notice to Customer. Customer further agrees that it will prevent the disclosure within and outside of its organization, except on a "need to know" basis, of any of Bank's procedures relating to transfers of funds. If the confidentiality of the procedures is am - promised, Customer will notify Bank immediately. (12) Bank's duties and responsibilities are limited to those described in this Agreement. Bank will use due care in performing under this Agreement and will be responsible for any lass sustained by Customer only to the extent such loss is caused by Bank's negligence; however, in such case, liability will extend only to the resulting direct loss, and not to any consequential or special loss or damages. Bank will not be responsible for liability, loss or damage resulting from: Customer's failure to follow this Agreement or other procedures for wire transfers of which Bank has notified Customer, any delay in the performance by Bank of, or failure to perform, the provisions of this Agreement which is caused by an act of God, fire or other catastrophe, electrical or computer failure; acts of, delays or failure to act by, any carrier and/or agent operating between Bank and Customer, or by recipients of transferred funds and their personnel; or, without limiting the generality of the foregoing, any other cause beyond Bank's control. (13) Customer will indemnify and hold Bank harmless from any claims, demands, expenses (including reasonable attorney's fees), losses or damages arising out of Bank's acting upon a transfer request by persons purporting to be authorized Customer representatives and which transfers are made by bank in accordance with the Agreement or from Bank's refusal to act upon requests not made in accordance with this Agreement or which cannot be authenticated by Bank if Bank elects to attempt an authentication. (14) This Agreement will be governed by the laws of the State of Texas. All obligations hereunder are performable in Collin County, Texas. This Agreement will terminate upon Bank's written notice to Customer, or upon receipt by Bank's Wire Transfer Department of Customer's written notice of termination. The indemnification and limitation of liability provisions of the Agreement will survive any such termination. (15) Bank's Operating Procedures are specified in Schedule D attached hereto and made a part hereof. Bank may revise such Operating Procedures or this Agreement by notice to Customer. Please evidence acceptance of this Agreement by signing and dating this Agree- ment and the attached Schedules A through D where appropriate. Accepted this � day of 19 -Li. AOCEPTID: TEXAS AEI BAW/Lkait-162- MCKINE By:Ri n Title: Date Sided: LIP., -100715W Jon McCarty City Manager (214) 727-9171 Finance Director (214) 727-9171 Please insert addresses) to which daily Advices of Wire Transfer should be sent for ac=mt(s) held at Texas American Bank/McKinney. 571-00-1088-4 City of Allen GO Bonds One Butler Circle, Alien, Texas 75002 571-00-1089-2 City of Allen Water & One Butler Circle, Allen, Texas 75002 Sewer Revenue Bonds 571-01-4003-8 City of Allen Revenue One Butler Circle, Allen, Texas 75002 Sharing 571-01-4001-2 City of Allen Operating One Butler Circle, Allen, Texas 75002 571-01-4002-0 City cf Allen Payroll One Butler Circle; Allen, Texas 75002 Password 9181 (to be assigned by Texas American Bank/ McKinney upon receipt of Schedule A) Submitted by:Accepted: Citv of Alien By: Charlotte Smith Title: Finance Director Date: Texas Amen Bank/McRiru�iey By: �. ��c- 44 Title: Date: ' �`/ RESOLUTION NO.g04-2-89 (F)_ A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN COUNTY, TEXAS, AUTHORIZING CERTAIN EMPLOYEES TO VERBALLY REQUEST THE TRANSMISSION OF FUNDS FROM TEXAS AMERICAN BANK/MCKINNEY TO OTHER BANKS. WHEREAS, from time to time, the City of Allen verbally requests Texas American Bank/McKinney (the "Bank") to transfer funds to other banks or to other accounts at the Bank for credit to persons designated by the City of Allen in amounts not to exceed the collected balance on deposit with the Bank, in a manner which makes it inconvenient or impossible to execute prior written authorization, instructions or releases otherwise required by the Bank so that the Bank must have standing instructions upon which to act pursuant to verbal requests for the transfer of funds; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN COUNTY, TEXAS, THE EMPLOYEE'S OF THE CITY OF ALLEN, LISTED BELOW ARE HEREBY AUTHORIZED TO REQUEST THE TRANSMISSION OF FUNDS BELONGING TO C Y OF ALLEN. \ n� y, City �Mana Charlotte Smith, Finance Director The authority conferred herein shall continue in force and effect until written notice of revocation shall be received by the Bank. DULY PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN COUNTY, TEXAS, ON THIS THE 16th DAY OF -February_, 1988. APPROVED: • Farmer, MAYOR ATTEST: ' r A { 4 Marty Hendrix, CVC, CITY SECRET Y (. . �! r �i