354 Municipal Funds.*
CITY OF YELM
RESOLUTION NO. 354
A RESOLUTION relating to the conduct of municipal
government, the management, deposit, and withdrawal of the public
funds thereof; designating a depository for certain funds of the
City; and further designating those officers or employees of the
City empowered to withdraw or access such funds, and the number of
declaring an effective date.
WHEREAS, certain funds of the City of Yelm have been and
now are deposited in an account in the name of this municipality in
Key Bank, a commercial bank, and it is anticipated that this
practice will continue; and
WHEREAS, both the banking depository and the people of
the City of Yelm have a common interest in designating the officers
empowered to access, and the means of accessing such monies now or
hereafter deposited in the said bank; now, therefore,
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF YELM,
as follows:
Section 1. Designation of Depository. Key Bank, a commercial
bank, is hereby selected and designated as a bank of and the
depository for certain funds of the City of Yelm, in such accounts
and funds as may now or hereafter be necessary or useful to the
City for the management, access, and investment thereof, all
according to the provisions of applicable law.
Section 2. Designation of Municipal Officers Authorized to
Execute Withdrawal or Payment Orders. Checks, drafts, or advices
of debit, other and further withdrawals or directions of municipal
funds deposited in said bank may be executed by the holders of the
following elective or appointment municipal offices, or their
successors after election or appointment and qualification,
provided that the bank be notified in writing of such formal
succession:
Mayor of the City of Yelm
Pro Tempore of the City of Yelm during an absence
by the elected Mayor
Chief Administrative Officer
Clerk-Treasurer of the City of Yelm
PROVIDED, HOWEVER, that no such check, draft, order or other
document directing the withdrawal, payment, or other use of such
funds, or any part thereof, shall be effective, nor shall any such
instrument or instruction be honored by the bank unless the
signatures of the Mayor or Mayor Pro Tempore and either the Chief
Administrative Officer or the Clerk-Treasurer of the City shall
appear thereon.
RESOLUTION 354 Page 1
Section 3. Breadth of Authority. The authority of the officers
named in Section 2 of this Resolution to direct deposited funds
shall include power to draw and accept drafts and execute contracts
and other agreements between the bank and the City of Yelm, and to
make, collect, discount, negotiate, endorse and assign, in the name
of the municipal corporation, all checks, drafts, notes, and other
paper payable to or by the City of Yelm; and all such paper, signed
as aforesaid, including checks payable to the order of any one or
more of said persons or to bearer shall be honored by the bank and
charged to the appropriate account of the City of Yelm.
Endorsements for deposit may be made by rubber stamp and shall bind
the municipality to the same effect as though signed by the
properly authorized officer(s). This authority shall continue in
force until notice of its modification or revocation shall have
been given to and received by the bank. This authority shall apply
to and govern all accounts which this municipality may now or
hereafter open or maintain with bank, and for which no separate and
more limited resolution of authority has been passed, provided .to
and received by the bank.
If said account checks, obligations, and orders for the payment of
money referred to hereinbefore are signed by the use of the
facsimile signature(s) of the authorized signer(s), the City of
Yelm assumes full responsibility for any and all payments made by
the bank in reliance upon said facsimile signature {s) and agrees to
indemnify and hold harmless said bank against any and all loss,
cost, damage, or expense suffered or incurred by bank arising out
of the misuse or unlawful or unauthorized use by any person or such
facsimile signatures; PROVIDED HOWEVER, that no such facsimile
signature shall be honored by bank, nor shall any agreement to
indemnify or pay losses or costs as set forth hereinbefore be
effective, unless and until a specimen of said facsimile signature
shall have been furnished to bank; AND PROVIDED FURTHER, that in
the event such a facsimile signature be provided to bank, bank
shall be entitled to rely upon the same, to the same extent as an
original signature, unless and until an amended facsimile, or a
revocation of authority to utilize such facsimile, shall have been
provided to an received by bank.
Section 4. Effect of Bank Rules and ReQUlations and Applicable
Laws. The City of Yelm agrees to be bound by all lawful rules and
regulations governing accounts in the Key Bank, and any amendments,
modifications, or additions thereto after notification and actual
receipt of the same in writing, which bank agrees to provide within
ten (10) business days hereof, and within the same period after any
modification thereof shall become effective.
Section 5. Authorization to Execute Signature Card The
officers authorized hereinbefore to draw upon and direct funds
deposited in bank are further authorized and empowered to execute,
on behalf of the City of Yelm, to execute bank's signature card(s),
RESOLUTION 354 Page 2
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CITY OF YELM
RESOLUTION NO. 354 2
with respect to each account upon which they have authority to sign
instruments, and to bind the municipality to the lawful rules and
regulations of the bank governing said accounts, subject to the
above notification requirements.
Section 6. Effective Date. This resolution shall be effective
on and after the 1st day of January 1996.
Passed and Approved: December 11, 1996
Kathryn M' Wolf, Mayon of the City of Yelm
Agnes P. Bennick, City Clerk-Treasurer
RESOLUTION 354 Page 3