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Home My WebLink AboutRES 1989-010 RESOLUTION NO. Rq_10 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS AUTHORIZING CERTAIN OFFICERS AND EMPLOYEES OF THE CITY TO WIRE TRANSFER CITY FUNDS ON DEPOSIT WITH TEXAS AMERICAN BANK, FORT WORTH TO FIRST NATIONAL BANK, GRAPEVINE; PROVIDING AN EFFECTIVE DATE �--,� WHEREAS, the City of Grapevine, Texas, (the "City" ) from �H� time to time requests the Texas American Bank, Fort Worth to transfer funds to the First National Bank, Grapevine in amounts not to exceed the collected balance on deposit with Texas American Bank, Fort Worth in a manner which makes it inconvenient or impossible to execute prior written authorization, instructions or releases otherwise required by Texas American Bank, Fort Worth so that the said Bank must have standing instructions upon which to act pursuant to verbal requests for the transfer of funds; and WHEREAS, the wire transfer of funds allows the City to expeditiously meet the financial needs of the City. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS : Section 1 . That the above and foregoing preamble is incorporated herein as if copied herein in its entirety. Section 2 . That on Agreement providing for the wire �� " transfer of City funds from Texas American Bank, Fort Worth, a true and correct copy of which is attached hereto as Exhibit "A" , „�,:�, is hereby approved and the City Manager is authorized to execute the said Agreement on behalf of the City. Those persons listed on Exhibit "B" attached hereto and incorporated herein shall be and are hereby authorized to perform the Agreement. The City Manager shall, as required from time to time, delete from and add to the list on Exhibit "B" those persons authorized to perform the said Agreement. The authority to perform the Agreement shall continue in full force and effect until written notice of revocation shall be received by Texas American Bank, Fort Worth from the City Manager. Section 3 . That this resolution shall take effect from and after its date of passage. PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS on this the 4th day of April . 1989 . APPROVED: �R�� Mayor ATTEST: s istant City Secretary APPROVED AS TO FORM: �� City Attorney �� ,<� �.. .. i �r� � � EXHIBIT "A" , PAGE 1 OF 4 TO RESOLUTION NO. 89-10 WIRE TRANSFER AUTHORIZATION AND AGREEMENT Gentlemen: City of Grapeivne ("Customer" ) authorizes Texas Arnerican Bank/Fort Worth 'Bank" to receive, execute, and charge our - accouni(s) for all telephonic, telegraphic, computer communication device, oral or written funds transfer requests, when such requests are received from an authorized Customer representative listed in Schedule A. Accordingiy, ,��: � Customer and Bank agree as follow�: (1) In accordance with this Agreemen+, �ar.k inay: (a) Transfer funds from saeciried Cu�to,ner account(s) with Bank to any other specified Customer bar:k account(s) whether such account(s) are with Bank or other bank(s); and (b) Transfer funds from Customer accounts(s) with Bank to any account(s) of a third party, whether such third party account(s) are with Bank or other bark(s) . (2) Bank shall assign a password identifying Customer for wire transfer purposes. Bank will notify Customer in writing of such password following Bank' s receipt of a fully signed copy of this Agreement and all Schedules attached hereto. After being notified of the password, Customer' s authorized representative will be required to advise Bank of Customer' s password at the time of each wire transfer request. Bank will not be obligated to honor any wire transfer request unless, at the time of a request, Customer' s authorized representative properly identifies himself and states Customer' s password. (3) In the event that any telephone transfer request become.s repetitive (occurrir�g at least monthly with the instructions remaining constant � except for the date and transfer amount) , the Bank may assign a unique Code Numt�er to the repetitive transfer. These instructions must be specified in writing by Customer in Schedule B, Authorization for Repetitive (Line Sheet) Funds Transfers. Upon receipt of Schedule B, Bank wili return the signed Sch�dule B with the Code Number to Customer. From that point on, Customer must use both Password and Code Number in requesting Bank to make these repetitive transfers. (4� If Customer is a corporation, Customer shall execute the Resolution Authorizing Wire Transfer of funds attached hereto as Schedule C and return such Resolution with a signed copy of this Agreem�nt. (5) Bank may, at Bank' s sole discretion, and wiihout liabilit,y for failing to do so, call one of Customer' s authorized representatives (other than the representative who oriyinated the request) to authenticate a request p�ior to initiating a transfer. If Bank is unable to authenticate such request, Bank may, at Bank' s option, r•efuse to make the requested transfer. (6) Bank ma.y rely upon the authority of the authorized representatives listed in Schedule A until 6an1<' s l�Jir� Transfer ()epartment has r•eceived written notice fr•om Customer specifying a change therein. (7) Bank is authorized to eleccronically record telepnone conversations between Eank and Customer's authorized representatives. The decision to record a call is solely within Bank' s discretion and Bank shall have no liability for failing to do so. , (8) Bank will mail daily to Customer at the address(es) listed on Schedule A notification(s) of all transfer(s) made. Customer will EXHIBIT "A" , PAGE 2 OF 4 TO RESOLUTION NO. 89-10 promptly report in writing to Bank any discrepancies between Customer' s records and the notification rnailed by Bank. In no event will Bank be liable with respect to any transfer unless Bank receives Customer' s report of a discrepancy within fourteen (14) days after the day that Bank mails to Customer the notification. (9) Transfer requests will at no time exceed the collected balance in the Customer' s account(s) at the Bank, as determined by the Bank. .�. (Customer shall be liable for any funds transferred upon proper instructions by Customer whether or not such amourit exceeds col- lected balance at the Bank) . 4 (10) Compensation, if any, for loss of interest or use of funds due the customer as a result of a Bank error or of the Bank' s failure to execute a transfer request on the date received when received prior to the bank' s published deadlires will be for a period not exceeding fourteen (14) days, (the Customer Notification of Discre�ancies period) or the date of actual transfer or error correction, which- ever comes first, and will be in the form of either of the following at the Bank' s option. ' (a) Adjust the aggregate ledger and collected balances of the Customer' s account to reflect properly in the average balances on the account analysis the amount that would have resulted had no error occurred. (b) Reimbursement by check not exceeding the average Fed Funds interest rate for the period and amount in question. (11) All requests by Customer for transfers shall conform to the procedures as Bank may from time to time prescribe. Bank may change these pro- cedures upon notice to Customer. Customer further agrees that it will prevent the disclosure within and outside of its organization, except on a "need to know" basis, of any of Bank' s procedures relating to transfers of funds. If the confidentiality of the procedures is com- r,. promised, Customer will notify Bank immediately. (12) Bank' s duties and responsibilities are limited to those described in this Agreement. Bank will use due care in performing under this Agreement and will be responsible for any loss sustained by Customer only to the extent such loss is caused by Bank' s negligence; however, in such case, liability will extend only to the resulting direct loss, and not to any consequential or special loss or damages. Bank will not be responsible for liability, loss or damage resulting from: Customer' s failure to follow this Agreement or otfier procedures for wire transfers of which Bank has notified Customer; any delay in the performance by Bank of, or failure to perform, the provisions of this Agreement which is caused by an act of God, fire or other catastrophe, electrical or computer failure; acts of, delays or failure to act by, any carrier and/or agent operating between Bank and Customer, or by recipients o� transferred funds and their personnel ; or, without limiting the generality of .the foregoing, any other cause beyond Bank' s control . (13) Customer will indemnify and hold Bank harmless from any claims , demands, expenses (including reasonable attorney' s fees) , losses or damages arising out of Bank's acting upon a transfer request by persons purporting to be authorized Customer representatives and which transfers are made by Bank in accordance with this Agreement or from Bank' s refusal to act upon requests not made in accordance �,, _ with this Agreement or which cannot be authenticated by Bank if Bank elects to attempt an authentication. (14) This Agreement will be governed by the laws of the State of Texas. Al1 obligations hereunder are performable in Tarrant County, Texas. This Agreement will terminate upon Bank's written notice to Customer, EXHIBIT "A" , PAGE 3 OF 4 TO RESOLUTION NO. 89-10 or upon receipt by Bank' s Wire Transfer Department of Customer' s written notice of termination. The indemnification and limitation of liability provisions of this Agreement will survive any such termination. (15) Bank' s Operating Procedures are specified in Schedule D attached hereto and made a part hereof. Bank may revise such Operating Procedures or this Agreement by notice to Customer. �, Please evidence acceptance of this Agreement by signing and dating this Agree- rnent and the attached Schedules A through D where appropriate. , .n. , Accepted this 5th day of April , 19 89 CUSTOMER: City of Grapevi =, Texas B y: ��Z� `^ `��'�-.� Mark S. Watson Title: itX Manager Approved by Council April 4, 1989 ACCEPTED: TEXAS AMERICAN BANK/FORT WORTH By: Title: Date Signed: �,�� EXHIBIT "A" , PAGE 4 OF 4 TO RESOLUTION NO. 89- 10 SCHEDULE A CUSTOMER' S AUTHORIZED REPRESENT/1TIVES f�ame Si anature Ti tl e Phone P��.mber Terry Leake ��,L�,/'/,� ,�(�/J' �� ; Actinq Finance Dir. (817)481-0385 ,, /�� i �- Berla Dobbins ��'Ef.�� /C'�,-1 L-<�,._,�� Accountant (817)481-0384 Please insert address (es) to which daily Advices of Wire Transfers should be sent for account(s) held at Texas American Bank/Fort Worth. Account # Account Title Address to which Advices are to be =�nt Password (to• be assigned by Texas American Bank/ Fort Worth upon receipt of Schedule A) Submitted by: Accepted: City of Grapevine, Texas Texas American Bank/Fort Worth By: ��C� .� � ��""U-�� BY: Mark S. Watson Title Citv ManaQer Title Date April 5, 1989 Date _ Approved by Council April 4, 1989 EXHIBIT "B" TO RESOLUTION NO. 89-10 PERSONS AUTHORIZED TO TRANSFER FUNDS Terry Leake (Autho d Signature) /r � Berla Dobbins la��2-�1��-�� (Authorized Signature) ��