Resolution Number 03-14 Bank Authorization
RESOLUTION NUMBER 03-14
THIS IS TO CERTIFY: That at a meeting of the City Council of the City of Mountain Iron, (hereafter referred to as the “City”), operating under the laws of the State of Minnesota, duly held on January 7, 2013, the following resolution was adopted:
BE IT RESOLVED, that the American Bank of the North, (hereafter referred to as the “Bank”), is hereby designated as a depositary for the funds of the City, which may be withdrawn on checks, drafts, advices of debit, notes or other orders for the payment of monies bearing any two of the following officers or employees of the City, whose actual signatures are shown below:
Gary Skalko – Mayor Craig J. Wainio – City Administrator
Alan Stanaway – Deputy Mayor Michael Downs – Dir. of Public Works
and said Bank shall be and authorized to honor and pay whether or not payable to bearer or to the individual order of any agent or agents signing the same.
BE IT FURTHER RESOLVED, that the Bank is hereby directed to accept and pay without further inquiry any item drawn against any of the City’s accounts with the Bank bearing the signature or signatures of Agents, as authorized above or otherwise, even though drawn or endorsed to the order of any Agent signing or tendered by such Agent for cashing or in payment of the individual obligation of such Agent or for deposit to the Agent’s personal account, and the Bank shall not be required or be under any obligation to inquire as to the circumstances of the issue or use of any item signed in accordance with the resolutions contained herein, or the application or disposition of such item or the proceeds of the item,
BE IT FURTHER RESOLVED, that any one of such Agents is authorized to endorse all checks, drafts, notes and other items payable to or owned by this City for deposit with the Bank, or for collection or discount by the Bank; and to accept drafts and other items payable at the Bank.
BE IT FURTHER RESOLVED, that the above named agents are authorized and empowered to execute such other agreements, including, but not limited to, special depository agreements and arrangements regarding the manner, conditions, or purposes for which funds, checks, or items of the City may be deposited, collected, or withdrawn and to perform such other acts as they deem reasonably necessary to carry out the provisions of these resolutions The other agreements and other acts may not be contrary to the provisions contained in this Resolution,
BE IT FURTHER RESOLVED that the City hereby conferred upon the above named agents shall be and remain in full force and effect until written notice of any amendment or revocation thereof shall have been delivered to and received by the Bank at each location where an account is maintained. Bank shall be indemnified and held harmless from any loss suffered or any liability incurred by it in continuing to act in accordance with this resolution. Any such notice shall not affect any items in process at the time notice is given.
DULY ADOPTED BY THE CITY COUNCIL THIS 18th DAY OF FEBRUARY, 2014.
Mayor Gary Skalko