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HomeMy WebLinkAboutResolutions - RS-15-18 - 09/20/1995 - Designating depositories for City fundsRS-95- 18 R E S O L U T I O N WHEREAS, pursuant to the terms of an Act of the General Assembly of the State of illinois adopted and now in force and effect, it is required that a designation be made of a bank or banks, or other depository in which the funds and monies in the custody of Lillian Cairns, as City Treasurer of the City of McHenry may be deposited. NOW, THEREFORE, BE IT RESOLVED by the Mayor and City Council of the City of McHenry, Illinois that: First National Bank of McHenry McHenry Savings Bank McHenry State Bank First Of America Bank (IPTIP), Springfield, IL. Comerica Bank, IL Governmental Cash Investment Fund, Chicago, IL are hereby designated depositories in which the funds and moneys of the City of McHenry, Illinois in the custody of Lillian Cairns as City Treasurer may be deposited. BE IT FURTHER RESOLVED that no bank herein designated as a depository shall be qualified to receive such funds or moneys until it has furnished the City Council of the City of McHenry, Illinois with copies of the two last sworn Statements of Resources and Liabilities, which such bank is required to furnish to the Auditor of Public Accounts, or to the Comptroller of Currency; and BE IT FURTHER RESOLVED that each bank designated as depository for such funds or moneys shall furnish the City Council of the City of McHenry with a copy of all bank statements, which it is required to furnish to the Auditor of Public Accounts, or the Comptroller of Currency, while acting as such depository; and BE IT FURTHER RESOLVED that if such funds or monies are deposited in a bank herein designated as a depository, and amounts of such deposits shall not exceed 75% of the capital stock and surplus of such bank, and the City of McHenry, Illinois shall not be discharged from responsibility for any such funds or moneys deposited in any bank in excess of such limitations. BE IT FURTHER RESOLVED that the depositories mentioned herein have furnished that body with copies of their past two statements as furnished to the Comptroller of Currency, or Auditor of Public Accounts, which statements are approved and accepted. PASSED this 20th day of September, 1995. AYES: Bolger' r.- Gk,@ Rafe- T,awsnn NAYS: Nnnc' ABSENT: 13,; ,.4 NOT VOTING: _None ABSTAINED: Nl. "- APPROVED this 20th day of September, 1995. /) ATTEST: C' �Ycl r Mayor