HomeMy WebLinkAboutR-12-19RESOLUTION NO. R-12-19
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SEBASTIAN, INDIAN RIVER COUNTY, FLORIDA TO ESTABLISH
AND MAINTAIN AN ACCOUNT WITH INVEST FINANCIAL
SERVICES; MAKE PROVISIONS FOR OFFICERS AUTHORIZED TO
ACT ON THE CITY'S BEHALF AND IN ACCORDANCE WITH CITY
INVESTMENT POLICIES; PROVIDING FOR SEVERABILITY;
PROVIDING FOR CONFLICTS; AND PROVIDING FOR AN
EFFECTIVE DATE.
WHEREAS, the City is duly authorized and permitted by its Charter and Bylaws to
establish and maintain bank accounts and invest available balances; and
WHEREAS, the City has determined through competitive bids to use the services of
Seacoast National Bank for City banking and investment services; and
WHEREAS, the City desires from time to time to engage in securities transactions
permitted by the City's adopted investment policies; and
WHEREAS, the City desires to insure securities transactions are properly executed and
safely held for the City's benefit; and
WHEREAS, the City wishes to open an account or accounts for these purposes and to
name those City officers that are solely authorized to act on behalf of the City; and
WHEREAS, Seacoast Wealth Management is a division of Seacoast National Bank and
engages a third party known as Invest Financial Services for the necessary recordkeeping
and compliance requirements for security transactions; and
WHEREAS, Invest Financial Services uses National Financial Services, LLC, a
subsidiary of Fidelity Investments, for executing security trades;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF SEBASTIAN, INDIAN RIVER COUNTY, FLORIDA, that:
Section 1. The City Finance Director will take the necessary action to open an account
or accounts in the City's name with Invest Financial Services.
Section 2. The officers hereby designated in this Section, or any one of them or their
successors in office acting individually on behalf of the City, may:
(1) give orders in the said account or accounts for the purchase, sale, or other
disposition of monies and securities permitted by the City's Investment Policy,
(2) deliver to and receive from National Financial Services, LLC, on behalf of the City
monies and securities,
(3) sign acknowledgements of the correctness of all statements of accounts and
(4) make, execute, and deliver under the City Seal any and all written endorsements
and documents necessary or proper to effectuate the authority hereby conferred; the
written authorization to each of said officers to remain in full force and effect until
written notice of the revocation thereof shall have been received by National Financial
Services, LLC:
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Name/Title:
Jim Hill/Mayor
Al Minner/City Manager
Kenneth W. Killgore/Finance Director
Section 3. If any clausevsection, or other parts of this Resolution shall be held by any
Court of competent jurisdiction to be unconstitutional or invalid, such unconstitutional or
invalid part shall be considered as eliminated and shall in no way affect the validity of the
other provisions of this Resolution.
Section 4. All Resolutions or parts of Resolutions in conflict herewith are hereby
repealed to the extent of such conflict.
Section 5. This Resolution shall become effective immediately.
The foregoing Resolution was moved for adoption by Councilmember Wright
The motion was seconded by Councilmember Gillmor and, upon being put into
a vote, the vote was as follows:
Mayor Jim Hill
Vice Mayor pon Wright
Councilmember Andrea B. Coy
Councilmember Richard H. Gillmor
Councilmember Bob McPartlan
aye
aye
aye
aye
aye
The Mayor thereupon declared this Resolution duly passed and adopted this 25th day of
July, 2012
AT .
i n ���;
r
Sally A. M� 'o, MMC City Clerk
CITY F S BASTIAN, FLORIDA
By:
Jim Hill, Mayor
Approved as to form and legality for the
reliance by the City of Sebastian only:
Robert A. Ginsburg, City torney