Loading...
HomeMy WebLinkAbout2024-0117B Resolution Designating Depository InstitutionsResolution No. 2024-0117B TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1 RESOLUTION NO. 2024-0117B RESOLUTION DESIGNATING DEPOSITORY INSTITUTIONS, DESIGNATING AUTHORIZED SIGNATORIES FOR THE DISBURSEMENT OF DISTRICT FUNDS, PROVIDING FOR ELECTRONIC TRANSFERS OF DISTRICT FUNDS, AND CONTAINING OTHER MATTERS RELATING THERETO STATE OF TEXAS § COUNTIES OF DENTON AND TARRANT WHEREAS, Trophy Club Municipal Utility District No. 1 (the "District") is a duly created and existing municipal utility District created and operating under Chapters 49 and 54 of the Texas Water Code, as amended; WHEREAS, Section 49.156 of the Water Code requires the Board of Directors of the District, by order or resolution, to designate one or more banks or savings associations within the state to serve as the depository for the funds of the District; WHEREAS, the Board of Directors of the District desires to designate depository institutions for funds of the District in accordance with Section 49.156 of the Water Code; WHEREAS, Section 49.151 of the Water Code provides that except as otherwise set forth therein, a District's money shall be disbursed only by check, draft, order, or other instrument that shall be signed by at least a majority of the directors. The statute allows a Board, by resolution, to allow the General Manager, Treasurer, Bookkeeper, or other employee of the District to sign disbursements. The statute also provides that the board may allow disbursements of District money to be transferred by Federal Reserve wire system to accounts in the name of the District or accounts not in the name of the District; WHEREAS, in accordance with the foregoing statutes, the Board of Directors desires to designate banks or savings associations to serve as the depository for the funds of the District; to provide for the disbursement of funds of the District; and to provide for the electronic transfer of funds, all subject to certain limitations specified herein by the Board of Directors herein for the safekeeping and protection of public funds. NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1 THAT: 1. The facts and recitations found in the preamble of this Resolution are hereby found and declared to be true and correct and are incorporated by reference herein and expressly made a part hereof, as if copied verbatim. 2. Designation of Depository Institutions: (a) In accordance with Section 49.156 of the Texas Water Code, the Board of Directors hereby designates those banks and savings associations set forth on 1 of 4 Resolution No. 2024-0117B Exhibit "A" attached hereto (hereinafter, the "Authorized Depository Institutions") to serve as depositories for the funds of the District. (b) The District's General Manager and Board of Directors are hereby authorized to open and close accounts at the Authorized Depository Institutions. (c) No funds of the District shall be deposited at any of the Authorized Depository Institutions in excess of the amounts insured by the Federal Deposit Insurance Corporation unless they are secured in the manner provided by law under the Public Funds Collateral Act (Chapter 2257, Government Code). (d) In accordance with Section 49.156 of the Water Code, the Board of Directors hereby authorizes the following designated representatives to supervise the substitution of securities pledged to secure the District's funds at the Authorized Depository Institutions: Alan Fourmentin General Manager Steven Krolczyk Finance Manager 3. Authorized Signatories for District Accounts: (a) Checks, drafts, and other withdrawal or transfer orders issued against funds of the District on deposit at the Authorized Depository Institutions may be signed only by the members of the Board of Directors of the District and its General Manager, each of whom are identified below: a. William C. Rose Director b. Kevin R. Carr Director c. Ben Brewster Director d. Douglas Harper Director e. Jim Thomas Director f. Alan Fourmentin General Manager (b) The authority of all other persons to sign disbursements, transfer or withdraw funds, or otherwise conduct any transactions related to the District's funds is hereby terminated for all purposes. (c) The General Manager is hereby directed to ensure that signature cards for all District depository accounts contain current information and only the names of those individuals authorized to sign disbursements on behalf of the District. 4. Disbursement Authority: (a) General Manager Disbursement Authority. The General Manager is authorized to disburse District funds and approve expenditures in accordance with the terms and conditions of Order 2018-0618B, such Order shall remain in full force and effect for all purposes. (b) Other Disbursements. In accordance with Section 49.151 of the Water Code, and except as otherwise provided hereunder and in Order 2018-0618B, disbursements of the District's funds by check, draft, order, or other instrument shall be signed by at least a majority of the directors. 2 of 4 Resolution No. 2024-0117B (c) Additional Limitations on Disbursement Authority. i. Non -payroll checks made payable to the General Manager of the District may not be signed by the General Manager. ii. Checks made payable to any Director of the District for director's fees or reimbursement of expenses may not be signed by the Director receiving the check. 5. Electronic Transfers: Except as authorized below, the electronic transfer of District funds is prohibited: (a) Except as otherwise specified herein, District funds may be transferred between District accounts or to third party accounts only upon approval of the Board of Directors. (b) The General Manager is authorized to approve the electronic transfer of District funds in accordance with the terms and conditions of Order 2018-0618B. 6. This Resolution supersedes and replaces all previous orders, resolutions and policies relating to the subject matter hereof. This Resolution does not supersede or replace Order 2018-0618B. 7. This Resolution shall be effective immediately upon adoption. 8. District staff are hereby directed to take any and all actions that may be required by the Authorized Depository Institutions to implement this Resolution. RESOLVED, PASSED AND APPROVED this the 17th day of January 2024. Kevin R. Carr President, Board of Directors ATTkSk\/ Doug Harper Secretary, Board of Directors;, -(SEAL) 3 of 4 a 7 •..,shy �y;�.`v • • • • ° a a : Resolution No. 2024-0117B Exhibit "A" Authorized Depository Institutions Name of Bank Address Town State Zip Prosperity Bank 217 North Main Keller TX 76248 TexPool 1001 Texas Avenue Suite 1400 Houston TX 77002 4 of 4