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HomeMy WebLinkAboutRES 1991-026 " RESOLUTION NO. 91-26 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS, ESTABLISHING A BANK ACCOUNT WITH THE CONNECTICUT NATIONAL BANK TO PAY BENEFITS ADMINISTERED BY THE TRAVELERS INSURANCE COMPANY UNDER THE CITY OF GRAPEVINE' S EMPLOYEE HEALTH BENEFIT PLANS; REPEALING INCONSISTENT RESOLUTION; PROVIDING A SEVERABILITY CLAUSE; DECLARING AN EMERGENCY AND PROVIDING AN EFFECTIVE DATE WHEREAS, the City Council of the City of Grapevine, Texas, has selected the Travelers Insurance Company to administer and pay benefits under certain of the City' s Employee Health Benefit Plans; and WHEREAS, The Travelers Insurance Company has been authorized to issue drafts in payment of these benefits from a demand deposit account established by the City at Connecticut National Bank, Hartford, Connecticut; and WHEREAS, the City has agreed to maintain a bank account with a standing balance to be determined by The ""�"" Travelers Insurance Company to reimburse the City' s account with Connecticut National Bank. � NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS: Section l . The preamble set forth above is true and correct and is hereby incorporated herein by reference for all purposes as if it were part of this resolution. Section 2 . The City Finance Director is hereby authorized to open and establish a bank account with Connecticut National Bank, Hartford, Connecticut, to pay employee benefits pursuant to a service contract entered into between Travelers Insurance Company and the City. Section 3 . First National Bank-Grapevine is hereby authorized to honor any and all withdrawals of the City' s funds from Account No. 46185 by use of Electronic Depository Transfer of funds through the Federal Reserve System for reimbursement of the account with Connecticut National Bank, Hartford, Connecticut. � � Section 4 . The City' s Finance Director is hereby �* authorized to execute all documents and take all actions necessary to establish and maintain this account for the purposes set out herein. � Section 5 . This resolution shall repeal every prior resolution in conflict herewith, but only insofar as the portion of such resolution shall be in conflict and as to all other sections of resolutions not in direct conflict herewith, this resolution shall be and is hereby made cumulative. Section 6 . This resolution shall be effective from and after the date of its passage. • PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS, ON THIS THE 3rd DAY OF September , 1991. APPROVED: -�. Mayor � ATTEST: � d�c. Cit Secretary APPROVED AS TO FORM: City Attorney � � Page 2 0930v