Resolution 98-16
RESOLUTION 98- f ~
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WYLIE, TEXAS
DESIGNATING THE AMERICAN NATIONAL BANK AS A CORPORATE DEPOSITORY FOR
THE CITY OF WYLIE; AND SPECIFYING PROCEDURES AND PROVIDING AUTHORITY
FOR MAKING OF DEPOSITS, WITHDRAWALS, AND LOANS WITH SAID BANK
WHEREAS, the City Council did by unanimous vote at it's regular meeting of September 8,
1998, authorized and approve the American National bank (Bank) as a depository for the City; and,
WHEREAS, such approval was in the form of accepting the proposal for banking services
submitted by Bank;
WHEREAS, such acceptance constitutes a legally binding agreement between'the City and
the Bank, the Bank requires further formal designation of its being the official depository of the City,
as established by Resolution of the City;
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
WYLIE, TEXAS, as follows:
RESOLVED, Than an account shall be established in the name of this Corporation with the
American National Bank, under the rules and regulations as prescribed by said Bank, wherein may
be deposited any of the funds of this Corporation, whether represented by cash, checks, notes or
other evidences of debt, and from which deposit withdrawals, are hereby authorized in the name of
the Corporation by any two (2) of the following persons:
Mike Collins, City Manager, or his temporary or permanent successors;
Brady R Snellgrove, Finance Director or his temporary or permanent successors;
Endorsements for deposit may be evidenced merely by the name of the Corporation being written or
stamped on the instrument deposited, without designation of the party making the endorsement.
BE IT FURTHER RESOLVED, that no officers or officials, individually or in any
combination, shall have the power to borrow funds from said American National Bank on behalf of
the Corporation; unless and expect the City Council shall pass a Resolution authorizing such loan and
stating the amount and repayment terms therefore, and a certified copy of such Resolution is
presented to the said American National Bank.
BE IT FURTHER RESOLVED, That the said American National Bank is hereby authorized
to honor any and all withdrawal items against the Corporations's funds although payable to the officer
or agent signing or countersigning the name and whether presented for encashment or for credit to
the personal account of such officer or agent or any other person and said Bank need make no inquiry
concerning such items and/or the disposition of the money, items or credit given therefore.
DULY PASSED AND APPROVED by the City Council of the City of Wylie, Texas this 8th
day of September, 1998.
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