HomeMy WebLinkAboutR-25-29 Investment of City Funds into iThink Financials Public FundRESOLUTION NO. R-25-29
A RESOLUTION OF THE CITY OF SEBASTIAN, INDIAN RIVER
COUNTY, FLORIDA, AUTHORIZING BANKING TRANSACTIONS
AND DESIGNATING AUTHORIZED SIGNATORIES FOR CITY
ACCOUNTS WITH (THINK FINANCIAL CREDIT UNION;
PROVIDING FOR CONFLICTS; PROVIDING FOR SCRIVENER'S
ERRORS; PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City of Sebastian, a municipal corporation organized and existing under the
laws of the State of Florida, maintains certain bank accounts for the deposit and disbursement
of public funds; and
WHEREAS, it is necessary and appropriate for the City to designate authorized individuals to
establish, manage, and conduct transactions on behalf of the City with iTHINK Financial Credit
Union; and
WHEREAS, Section 2-93 of the City of Sebastian Code of Ordinances provides the procedures
for such transactions.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF SEBASTIAN, FLORIDA, AS
FOLLOWS:
SECTION 1. AUTHORIZATION TO CONDUCT BANKING TRANSACTIONS. The City hereby
authorizes the opening, maintenance and use of bank accounts at iTHINK Financial Credit
Union for the deposit, investment and withdrawal of public funds, including but not limited to
non-negotiable certificate of deposits, checking, savings and money market accounts.
SECTION 2. AUTHORIZED SIGNATORIES. The following individuals are hereby authorized
to sign and otherwise conduct financial transactions on behalf of the City:
Name Title Signature
Brian Benton City Manager
Brian Stewart Chief Financial Officer
SECTION 3. AUTHORIZATION SCOPE. The authorized individuals may act individually or
jointly, as required by the bank or the City's internal controls, and are empowered to:
1. Enter into agreements related to banking services;
2. Endorse checks or other instruments payable to the City;
1
3. Authorize electronic funds transfers; and
4. Take all other actions necessary or incidental to the City's banking activities.
SECTION 4. CONFLICTS. All Resolutions or parts thereof in conflict herewith are, to the extent
of such conflict, superseded and repealed.
SECTION 5. SCRIVENERS ERRORS. Scrivener's errors and typographical errors that do not
affect the intent of this Resolution may be corrected by the City Manager or City Attorney
without further action by the City Council.
SECTION 6. EFFECTIVE DATE. This Resolution shall take effect immediately upon its
adoption.
The foregoing Resolution was moved for adoption by Council Member Nunn . The
motion was seconded by Council Member Jones and, upon being put to a vote, the
vote was as follows:
Mayor Bob McPartlan
aye
Vice Mayor Fred Jones
aye
Council Member Christopher Nunn
aye
Council Member Ed Dodd
aye
The Mayor thereupon declared this Resolution duly passed and adopted this 10th day of
September, 2025.
ATTEST:
y
nette Williams, MMC, City Clerk
CITY OF SEBASTIAN, FLORIDA
Bob McPartlan, Mayor
Approved as to form & legality.
JeDbfer Cockcroft, Eq.,
City Attorney