Resolutions

RESOLUTION NO. 2011-09

A RESOLUTION AUTHORIZING OPENING A SPECIFICACCOUNT FOR ENERGY GRANT FUNDS ANDDESIGNATING CERTAIN CITY OFFICIALS/EMPLOYEESTO EXECUTE CHECKS AND DRAFTS ON THATACCOUNT.

WHEREAS, the City has been notified that an energy grant of over $100,000.00 forcertain energy improvements has been awarded to the City.

WHEREAS, these funds, once received, must be spent in a very precise fashion and strictaccounting for same is required.

WHEREAS, the office manager desires to open a separate account at Arvest Bank tohold those grant funds to ensure strict adherence to the terms of the grant and to facilitate suchperiodic accountings.

WHEREAS, the financial institution will require clear direction as to authorizedsignatures for transactions on this account; and

NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITYOF ELKINS, ARKANSAS, that:

Section 1: The office manager on behalf of the city, upon receiving part of the energygrant funds, shall immediately open an account with Arvest Bank upon which checks may bedrawn periodically for purposes of making necessary payments and remittances for authorizedexpenditures. The account shall be named "Elkins' Energy Grant Account". The account shallbe maintained so as to be secured by FDIC or as otherwise permitted by law. The account maybe accessed by checks or drafts signed by any two of he following four ( 4) officials/employeesof the City of Elkins and such officials/employees may and hereby are authorized to execute checks and drafts on such account in the name of the City of Elkins, however, one official/employee shall be from Group A and one official/employee shall be from Group B, towit:

 

Group A
Group BElkins Mayor- Bruce Ledford
;City Office Manager-Gayla Stahman

Group B
Elkins City Clerk - Jason Bathon
>Elkins City Council Chairman - Lloyd Stith

SECTION 2: This Resolution expressly revokes and repeals Resolution 2010-26 of the Cityof Elkins. These authorizations are effective with the passage of this Resolution and shallcontinue in full force and effect until a new Resolution is passed by the City Council of Elkins,Arkansas; all persons currently holding the office/position listed above are so authorized as aresult of their representative capacity with the City of Elkins, Arkansas, and their authority shallcease and terminate in the event that their Representative capacity (as indicated) shall end, lapseor terminate for any reason. The disqualification of one or more of such Representatives shallnot affect the authority hereby otherwise granted.

PASSED AND APPROVED this 9th day of March, 2011.