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HomeMy WebLinkAboutResolution 1989-030 RESOLUTION NO. 89-30 WHEREAS, it is necessary for the City of North Richland Hills to make verbal requests to MBank (the "Bank") for transfer of City funds to City accounts and to third parties. NOW, THEREFORE, BE IT RESOLVED, that the officers of the City of North Richland Hills, listed below are hereby authorized to enter into and perform the Agreement attached hereto as Exhibit "A" on behalf of the City of North Richland Hills with the Bank providing for requests for the transmission of funds belonging to the City of North Richland Hills upon the terms and conditions set forth in said Agreement, and to appoint such persons who may request such transfers on behalf of the City of North Richland Hills in accordance with such Agreement. The authority conferred herein may be exercised singly by any of such officers and shall continue in full force and effect until written notice of revocation shall be received by the Bank. Director of Finance TITLE Asst. Director of Finance TITLE Staff Accountant TI TL E Assistant City Manager TITLE PASSED AND APPROVED this 26th day of June, 1989. ~ ATTEST: (},v kL¿J cfisEê~ APPROVED AS TO FORM AND LEGALITY: ATT~~¿~ '. . MBank Dallas N.A. FUNDS TRANSFER AUTHORIZATION AND AGREEMENT MBank Dallas NA Attention: Funds Transfer Department Dallas, Texas 1. The undersigned, CITY OF NORTH RICHLAND HILLS ("Customer"), authorizes and requests MBank Dallas NA ("Bank") to make transfers of funds from time to time in accordance with the provisions and procedures more fully set forth in this Agreement and in the Operating Instructions referenced in Paragraph 15 hereof. Such transfers shall include transfers of Customer's funds from Customer's account(s) at Bank ("Account(s)") to Customer's account(s) at other depository institutions, and to account(s) of third parties at other depository institutions, and shall also include transfers of funds to Customer's Account(s) from third parties. 2. Specific requests from Customer to Bank are to be made by Customer's representatives listed on the List or Lists of Authorized Persons furnished by Customer to Bank from time to time. Elimination of any name from such List(s) or addition of another name or names to such List(s) shall be made effective by actual written notice received by Bank's Funds Transfer Department. 3. Any request by a representative of Customer may authorize one or more than one funds transfer. Requests for transfers may be made by telephone, telex, or telegraph, or orally or in writing, or by any other signal or means of communication. 4. Bank may make the requested funds transfers by any means for the transmission of funds and may also make transfers by internal means (including, as an example but without limitation, bookkeeping entries between Bank and its correspondent banks). Transfers of funds to Customer's Account(s) from third parties shall be received subject to time deadlines established by Bank. Bank may cancel a requested transfer if Bank receives Customer's request for cancellation, in form satisfactory to Bank, in such time and in such manner as to allow Bank a reasonable opportunity to act. 5. In consideration of Bank's transfers of funds pursuant to Customer's authorized requests, Customershall pay to Bank such transfer fees as Bank shall from time to time impose. 6. Bank will use ordinary care in implementing·funds transfer requests received by it from Customer. Customer agrees that Bank and its agents and correspondents shall be conclusively deemed to have exercised ordinary care if it or they has or have followed the procedures contained in this Agreement or in the Operating Instructions referenced in Paragraph 15 hereof, or if Customer shall have failed to follow such procedures and Operating Instructions. Bank shall be entitled to rely on any request that it believes to have been originated by Customer, and any such request shall for purposes of this Agreement be deemed to have been authorized by Customer. 7. Bank shall not be liable for direct, indirect, consequential or punitive damages of any party (including without limitation Customer). Bank shall have no liability to third parties for any damages incurred by such third parties arising out of the performance or nonperformance of services or transfers under this Agreement, and Customer agrees to and hereby does indemnify and hold Bank harmless from and against all such claims of third parties and all expenses(including without limitation attorney's fees and coyrt costs) [>f such claims. Bank's only responsibility to Customer occasioned by Bank's performance or nonperformance of its oblibations under this Agreement shall be to correct at Bank's expense any errors that are due solely to Bank's person,nel, Bank's computer programs, or malfunctions of Bank-controlled machines. 8. Bank shall not be liable for delays or failures in processing that are caused by such events as fires, power failures, energy shortages, strikes, boycotts, riots, war, governmental regulations, failures of Bank's vendors or suppliers, acts of God, or other circumstances or causes over which Bank has no control. If because of circumstances or causes beyond Bank's control, Bank shall be delayed beyond applicable time limits (provided herein or by law) in taking any action hereunder, the time limit for taking such action shall be extended for such time after the cause of the delay ceases to be operative as shall be necessary for Bank to take or complete such action. 9. Bank in its discretion may assign a security code, security test, or other security procedure to be used by Customer to authenticate funds transfer requests. Customer agrees to use all such security codes, security tests and other security procedures as may be imposed by Bank. 10. Bank will furnish to Customer a daily confirming notification of a funds transfer after it is made, either in the form of a specific advice or a periodic account statement. Customer will examine such advice and account statements to detect the presence or absence of any discrepancies between Customer's records and the advice or statement sent by Bank, and will report any such discrepancies to Bank within thirty (30) days after the day that Bank sends the advice or account statement. . ~.. . 11. Bank is hereby authorized to record on tape or other retention devices any or all of its telephone conversations with Customer involving any transfer instructions. 12. Customer agrees to supply to Bank information that Bank may reasonably request in connection with any prospective or completed funds transfer hereunder, including without limitation any writings showing confirmation of any request for transfer of funds. 13. Bank shall not be obligated to make any funds transfer if the amount of such transfer exceeds the finally collected and immediately available funds on deposit by Customer with Bank, or exceeds any other limit established by Bank. If Bank in its discretion makes any such transfer that exceeds the amount of Customer's deposited funds, Customer shall be liable for any and all overdraft amounts. 14. All data relating to Customer's business provided to Bank by Customer pursuant to this Agreement will be treated confidentially and safeguarded by Bank, using the same care and discretion that it uses with data that Bank designates as confidential. " 15. Bank may from time to time provide Customer with instructions governing the operation of transfers hereunder (the MOperating Instructions'" Customer agrees to comply with all such Operating Instructions as may be in effectfrom time to time. 16. Bank may modify or cancel this Agreement, or the Operating Instructions referenced in Paragraph 15 hereof. upon fifteen (15) days' notice to Customer. Customer may cancel this Agreement upon fifteen (15) days' written notice to Bank. 17. This Agreement represents the entire understanding between Bank and Customer with respect to the matters contained herein. There are no representations or warranties, express or implied, other than those contained herein. 18. This Agreement shall be governed by and construed in accordance with Texas law, and it shall be performable in Dallas, Dallas County. Texas. 19. Any notice hereunder shall be in writing and may be given by personal service or by depQsiting in the United States mail postage prepaid to the addresses of the parties as follow (or as changed through written notice to the other party): Bank Customer MBank Dallas NA Attention: Funds Transfer Department P.O. Box 225415 Dallas, Texas 75265 City of North Richland Hills Attention: Finance Department P. O. Box 18609 North Richland Hills. TX 76180 20. This Agreement is binding on the parties hereto and their respective successors and assigns. Customer may not assign this Agreement without the prior written consent of Bank. EXECUTED THIS 12th day of ~ulY ,19~ CUSTOMER: City of North Richland Hill~ 4 7fl~ By' Its' Finance Direc tor F-238 Rev. 11-84 ·