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HomeMy WebLinkAboutSA 04 APPROVAL OF BANK ACCOUNT~ Agenda Item 4 ~." ~_~ AGENDA REPORT Reviewed: City Manager ` Finance Director MEETING DATE: FEBRUARY 21, 2012 TO: JEFFREY C. PARKER, CITY MANAGER FROM: PAMELA ARENDS-KING, FINANCE DIRECTOR SUBJECT: SUCCESSOR AGENCY TO THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY APPROVAL OF BANK ACCOUNT WITH THE BANK OF AMERICA SUMMARY: As of February 1, 2012, the City of Tustin became the Successor Agency to the Tustin Community Redevelopment Agency (Successor Agency). The Successor Agency is responsible for all financial issues of the former Tustin Community Redevelopment Agency (TCRA); therefore, a bank account must be established to hold funds transferred from TCRA to the Successor Agency. RECOMMENDATION: It is recommended that the City Council approve the following: • The establishment of a bank account with Bank America; Approve the Bank of America Depasit Account Documentation authorizing the City Treasurer, George Jeffries, the Finance Director, Pamela Arends-King, and the City Manager, Jeffrey C. Parker as the individuals wha can establish accounts for the Successor Agency at Bank of America, as well as to operate and close such accounts, and to designate persons to operate each such account, including closing the account; Approve the Bank of America Merrill Lynch Deposit Account Documentation Signature Card approving the Director of Finance, Pamela Arends-King; the City Treasurer, George Jeffries; and the City Manager, Jeffrey C. Parker as authorized signers on the Successor Agency bank account. FISCAL IMPACT: There is no fiscal impact to the establishment of the Successor Agency bank account. BACKGROUND: As the Successor Agency, the City of Tustin is responsible for managing the funds that will be transferred from TCRA. That responsibility includes establishing a bank account that will be used for the safekeeping of funds and paying obligations. SUCCESSOR AGENCY TO THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY APPROVAL OF BANK ACCOUNT FEBRUARY 21, 2012 PAGE 2 Pamela Arends-King Finance Director Attachment(s): Bank of America Deposit Account Documentation Banking Resolution and Certificate of Incumbency Bank of America Merrill Lynch Deposit Account Documentation Signature Card ~~pn~t0~~t11~t"IC8 ~~ Deposit Account Documentation '~~ Banking Resolution and Certificate of Incumbency Date: January 30, 2012 Select One: ®New Resolutionllncumbency ^ Supersede Banking Resolution ^ Update Incumbency This Banking Resolution and Certificate of Incumbency will apply to all accounts you maintain with us. City of Tustin Successor Agency to the City of Tustin Redevelopment Agency Organization legal Name The Organization adopts the following Banking Resolution and Certificate of Incumbency (with specimen signatures)* The undersigned certifies that: 1) any individual (each an "Authorized Signer") holding any of the following positions: Treasurer Finance Director City Manager (Title) (Title} is authorized, acting alone, (a} to establish accounts from time to time for the Organization at Bank of America, N.A. (the "Bank"), as well as to operate and close such accounts, and (b} to designate persons to operate each such account including closing the account, and 2} the person whose signature, name, and title appear in the "AGREEMENT, TAX INFORMATION CERTIFICATION and AUTHORIZATION" section of the Deposit Account Documentation Signature Card ("Signature Card") and those persons listed below on the Incumbency Certificate, are Authorized Signers who are authorized to establish accounts and to designate persons to operate each such account and to execute contracts and agreements with the Bank and that their signatures are genuine. 3) the persons who signed in the Designated Account Signers section of the Signature Card are authorized to operate any accounts opened with the deposit account documentation unless otherwise noted on the Signature Card, and that their signatures are genuine. 4) the foregoing is a complete, true and correct copy of the banking resolutions adopted by the Board of Directors, the Members or the General Partners, Commission, Council or Governing Board as applicable, of the Organization, government entity or authority and that the resolutions are still in full force and effect and have not been amended or revoked and do not exceed the objects or powers of the Organization, government entity, authority or the powers of its management or Governing Board, Commission or Council. Incumbency Certificate: Use when Authorized Signer's signature does not appear on the accompanying Signature Card, or to update authorized signers Name Title Signature If you choose to provide your own Banking Resolution and Certificate of Incumbency (with specimen signatures), it must be attached to the signature card This Banking Resolution and Certificate of Incumbency must be signed as follows: Corporations: Secretary or assistant secretary of the company must sign. Anv Partnership tvoe: One of the general partners must sign. If the general partner is an organization, show the name of the general partner and include capacity of signer. Limited Liability_Comoany: Member Manaoed LLC: One of the members or an officer of the company must sign. If the member or manager is an organization, show the name of the member or manager and include capacity of signer. Manager Manaoed LLC: The manager or managers or an officer authorized of the company must sign. If the member or manager is an organization, show the name of the member or manager and include capacity of signer. Other unincorporated oroanizations: An officer of the organization who is authorized by the by-laws or operating agreement of the company must sign. Government entities. authorities or agencies: An authorized signer of the government entity/authority who is authorized by the statutes must sign. IN WITNESS WHEREOF, 1 have hereunto set my hand as C~Clerk (title) of the Organization listed above this day of , 20_ By: Pamela Stoker, City Clerk Type or Print Name of Certifying Individual Signature For Bank Use: Date Received: Date Reviewed: (Name of Company who is General Partner or Member) THIS DOCUMENT MUST BE PROCESSED BY THE BANK OF AMERICA UNIT LISTED BE Forward to: Received by: Reviewed by: Phone: 00-35-2654NSBW 02-05-2010 SB Page 1 of 1 Bank of America -Confidential ©2oloBankofAmericaCorporation Deposit Account Documentation ~'' ~,y C Si nature Card CLIENT INFORMATION Select One: ®New Account - - -- - - ^ Update (Add/Delete} Signers ^ Supersede Existing Signature Card Account # (If new account, Bank will complete): ORGANIZATION LEGAL NAME (Must match legal name indicated in company formation documents) Cit of Tustin Successor A enc to the Cit of Tustin Redevelo ment A enc DBA NAME or OWNER BUSINESS NAME OF DISREGARDED ENTITY or THIRD PARTY /FUNDS OWNER NAME, if applicable DESCRIPTIVE ACCOUNT TITLE (if applicable, e.g. Operating Account, Rent Account, etc. Cannot be another legal entity name.) Address For Statement: 300 Centennial Way City: Tustin State: CA Postal Code: 92780 STATE OF FORMATION (You may be required to provide copies of your company charter or formation documents.): CA TYPE OF BUSINESS (Select One): ^ Corporation ^ Sole Proprietorship Limited Liability Company: ^ Mana er Mana ed ^ Member Mana ed ^ Sole Member ^ Unincorporated Organization or Association ^ General Partnership ^ Joint Venture ^ Limited Liabilit Partnership ®Government Authorit / A ency (T pe: Special Agenc ) ^ Limited Partnership ^ Other {Type: ) Note: Property management accounts must be accompanied by appropriate owner and agent indemnities and property management account supplement. _-__- _ -------_- __-_ ______ I TAX CLASSIFICATION Employer Identification Number: 4 5 - 4 4 7 2 0 6 6 Legal name of the owner of the E.I.N listed above: Successor Agency to the Tustin Community Redevelopment Agency Federal Tax Classification: ^ Individual sole prop ^ C Corporation ^ S Corporation ^ Partnership ^ TrusttEstate LLC Tax Classification (ONLY for Limited Liability Com_pany): ^ C Corporation ^ S Corporation ^ Partnership AGREEMENT, TAX INFORMATION CERTIFICATION and AUTHORIZATION - You begin or continue a deposit account relationship with us by giving us information about your business and by signing this Agreement. The deposit agreement we give you is part of your agreement with us regarding use of your account and tells you the current terms governing your account. We may change the deposit agreement at any time and will inform you of changes that affect your rights and obligations. By signing below, you acknowledge receipt of the deposit agreement. The deposit agreement includes a provision for alternative dispute resolution. By signing below, you authorize each person who has signed in the Designated Account Signer section below to operate any account opened under this signature card now or in the future. The authority to operate an account includes: authority to sign checks and other items and t i o g ve us other instructions to withdraw funds; to endorse and deposit checks and other items payable to or belonging to you to the account; and, to transact other administrative business relating to the account, including closing the account. If you wish to restrict a designated signer's authority to check signing ou must indicat th t b h ki y e a y c ec ng the box to the left of their name. We may rely on this authorization for any account opened under this signature card until we receive written notice revoking the authorization at the office where we maintain the account and we have a reasonable time t t , o ac upon such notice. By signing below, you certify under penalty of perjury that 1) the employer identification number listed above for this organization is correct; 2} that the organization listed above is a United States person (defined below); and 3) the organization listed above i t b s no su ject to backup withholding because: (a) the organization is exempt from back-up withholding, or (b) has not been notified by the Internal Revenue Service (the IRS) that it is subject to back up withholding as a result of failure to report all interest or dividends, or (c) the IRS has notified the organization that it is no l b onger su ject to backup withholding. [Cross out Item 2 above if the organization listed above is not a United States person and follow the instructions in the paragraph immediately below.'] [Cross out item 3 above if you have been notified by the IRS that you are currently subject to backu withholdi f f il p ng or a ure to report interest or dividends.] if the organization listed above is a foreign entity use the applicable Form W-8 (for additional information please see IRS Pub 515 Withholding of Tax on Non- Resident Aliens or Foreign Entities). The term "United States person" means: a citi i zen or res dent of the United States, a partnership created or organized in the United States or under the law of the United States or of any State, a corporation created or organized in the United States or under the law of the United States o f r o an State, or an estate or trust other than a forei n estate or forei n trust. By signing below, this organization hereby agrees to be bound to the above Agreement, Tax Information Certification and Authorization. For CA Public Funds only: Any person signing this Agreement for the Organization certifies th t th a ey are duly authorized to do so as evidenced by attached banking resolution/contract for de osit of mone s or existin bankin resolutions/contract for de osit of mone son file with us . The IRS does not re wire our consent to an rovision of this document other than the certifications re wired to avoid backu withholdin . Authorized Signer Signature: {Must match Banking Resolution & Certificate of Incumbency) Print Name: Pamela Arends-King Print Title: Finance Director Date: Authorized Signer Signature: {Must match Banking Resolution & Certificate of Incumbency) Print Name: Jeffrey C. Parker Print Title: City Manager Date: DESIGNATED ACCOUNT SIGNERS (use supplemental pages as needed for additional signers) I Select if signer can I Add/Delete ~--- { i Name Title e ONLY si n ch k Si t Si g ec gna s j ure j gner (A/D) ~ - - -- _ _ ^ A Pamela Arends-King Director of Finance ^ A George Jeffries Treasurer ^ A Jeffrey C. Parker City Manager 00-35-2653NSBW 12-15-2011 RG Page 1 of 1 Bank of ArnerlCa -Confidential ©2011 BankofAmericaCorporation