HomeMy WebLinkAboutResolutions - R-17-011 - 05/15/2017 - ESTABLISHING CUSTODIAN OF FUNDS CITY DEPOSITORIESRESOLUTION R-17-011
A RESOL UTION ESTABLISHING THE CUSTODIAN OF CITY FUNDS, A UTHORIZED
BAND DEPOSITORIES AND SIGNATORIES FOR CITY BAND DEPOSIT FUNDS
WHEREAS, the City of McHenry, McHenry County, Illinois, is a home rule municipality as
contemplated under Article VII, Section 6, of the Constitution of the State of Illinois, and the passage
of this Resolution constitutes an exercise of the City's home rule powers and functions as granted in
the Constitution of the State of Illinois.
NOW, THEREFORE, BE IT ORDAINED by the MAYOR AND ALDERMEN of the CITY
OF McHENRY, McHenry County, Illinois, as follows:
SECTION 1: The City Treasurer shall be the custodian of all City funds and shall be bonded
in such amount as the City Council may designate.
SECTION 2: The City does hereby authorize the following institutions to be the sole
depositories of City funds ("Sole Depositories"):
First National Bank of McHenry
Home State Bank
The Illinois Funds
McHenry Savings Bank
Harris Bank
Illinois National Bank
McHenry Bank & Trust
PMA Financial Network, Inc.
SECTION 3: The City hereby authorizes the following persons to be authorized signatories
on the accounts open at the Sole Depositories, their subsidiaries and affiliates: City Mayor, City
Administrator and Treasurer/Finance Director. As a minimum, two (2) of the three (3) authorized
signatories shall be required on each check or electronic transfer of funds.
SECTION 5: Each of the individuals named below presently holds the office appearing next
to his or her name and a specimen of each individual signature, appearing next to his or her title, is
genuine:
Wayne Jett, City Mayor
Derik Morefield, City Administrator
Carolyn Lynch, City Treasurer/Finance Director
SECTION 6: If any section, paragraph, subdivision, clause, sentence or provision of this
Resolution shall be adjudged by any Court of competent jurisdiction to be invalid such judgment
shall not affect, impair, invalidate or nullify the remainder thereof, which remainder shall remain and
continue in full force and effect.
SECTION 7: All resolutions or parts of resolutions in conflict herewith are hereby repealed to
the extent of such conflict.
SECTION 8: This Resolution shall be in full force and effect upon its passage, approval and
publication in pamphlet form (which publication is hereby authorized) as provided by law.
PASSED and APPROVED this 15th day of MAY 2017.
Voting Aye: CONDON, DEVINE, MIHEVC, CURRY, GLAB, SANTI
Voting Nay: NONE
Absent: SCHAEFER
Abstain: NONE
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ATTEST
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