AGENDA TITLE:
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Adopt a Resolution Updating City Staff Signers on City of Lodi Farmers & Merchants Bank Accounts (FIN)
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MEETING DATE:
November 6, 2024
PREPARED BY:
Jennelle Baker, Budget Manager
recommendation
RECOMMENDED ACTION:
Adopt a Resolution Updating City Staff Signers on City of Lodi Farmers & Merchants Bank Accounts.
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BACKGROUND INFORMATION:
Authorized signers on the City's bank accounts held at Farmers & Merchants Bank ("F&M") have been previously
designated to the City Manager, the Assistant City Manager, and the Budget Manager.
To update the City's bank records and add the new City Manager and Budget Manager as authorized signers, F&M requires the City to execute a Resolution of Lodge, Association or Other Similar Organization (Corporate Authorization Resolution). For the Clerk to be able to certify this Corporate Action Resolution required by F&M, City Council authorization is needed.
Staff is requesting the following as designated signers:
Scott R. Carney, City Manager
Andrew C. Keys, Assistant City Manager
Jennelle L. Baker-Bechthold, Budget Manager
These individuals will serve as signers on City of Lodi bank accounts with F&M. The Corporate Authorization Resolution provided by F&M (Attachment 1) states in part that "the signature of an Agent on this resolution is conclusive evidence of their authority to act on behalf of the Corporation". The signatures of Mr. Carney, Mr. Keys and Mrs. Baker-Bechthold on Attachment 1 are required in order to conduct City banking business.
Government Code 36936 provides that "[r]esolutions, orders for the payment of money, and all ordinances require a recorded majority vote of the total membership of the city council." This includes the Corporate Authorization Resolution required by F&M.
STRATEGIC VISION:
All.
FISCAL IMPACT:
Not applicable.
FUNDING AVAILABLE:
Not applicable.
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