HomeMy WebLinkAboutResolution 1987-026
RESOLUTION NO. 87-26
WHEREAS, from time to time, the City of North Richland Hills verbally
requests Texas Commerce Bank-Hurst, N.A. (the "Bank") to transfer funds to other
banks or to other accounts at the Bank for credit to persons designed by the
City of North Richland Hills in amounts not to exceed the collected balance on
deposit with the Bank, in a matter which makes it inconvenient or impossible to
execute prior written authorization, instructions or releases otherwise required
by the Bank so that the Bank requests for the transfer of funds.
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 by any two officers
as outlined in the approved Investment Policy. The authorization shall continue
in full force and effect until written notice of revocation shall be received by
the Bank.
Director of Finance
TITLE
~ //I~,
(Authorized Signature)
~eÆ~g:::::
Asst. Director of Finance
TITLE
Special Projects Accountant
TITLE
Staff Accountant
TITLE
Passed and approved this
28th y¡;;;:~
Mayor
ATTEST:
~~
C£jYSèèrèiØP
APP~ TO FORM AND.Y.,GALITY:./7
~~~L~~~
---'.' ,
WIRE TRANSFER
AUTHORIZATION & AGREEMENT
Texas Commerce Bank - Hurst N.A.
P.O. Box 337
860 Airport Freeway
Hurst, TX 76054
TO WHa.1 IT MAY CONC:rnN:
Because (the CUSTOMm)
from ti e to time reCluests by means of telephonic, telegraphic, com-
putercommunication device, oral or written reCluests or orders, the
transfer of funds in amounts not to exceed the balance on deposit
from the CUSTOMER's account (s) maintained at the TEXAS CCW1ERCE BANK-
HURST N.A., Hurst, Texas ("Bank") to other banks for credit to persons/
accounts designated by this CUSTOMER or from one CUSTOMER account at
Bank to another CUSTOMm account at Bank; and on occasion.
THE Bank is unable to obtain their normal written instructions
and authorization on the same day;
THEREFORE, in consideration of the Bank's acting upon such reCluests
for the transfer of fundSf-d forebearing its reCluirement of written
instructions, commencing _ Septerriber 28 , 19 87 , we hereby
authorize you to:
1. Honor, execute and charge to our account(s) at the Bank (or ac-
cept checks drawn on CUSTOMER's account at Bank), all telephonic,
oral or written reCluests or orders for the transfer of funds When
such reCluests or orders are received from an authorized represen-
tative of the CUSTOMm listed in Form A (an "Authorized Represen-
tative") using appropriate coded identification, and are made in
compliance with the Bank's transfer procedures.
2. Transfer funds from specific CUSTCMER account (s) with the Bank
to any other specified CUSTOMffi bank account(s) Whether such ac-
count (s) are with the Bank or other bank ( s); and
3. Transfer funds from CUSTOMm account(s) with the Bank to any ac-
count(s) of a third party, whether such third party account(s)
are with the Bank or other bank(s);
4. Electronically record telephone conversations between Bank and
CUSTOMffi's authorized representatives. The decision to record
a call is solely within Bank's discretion and Bank shall have no
liability for failing to do so.
We agree to report any discrepancies between the CUSTOMER's
records of these transactions and the Bank statement to the
Bank's Wire Transfer Department in writing within fourteen
( 14) days after the statement date. Failure to notify the
Bank of any discrepancies wi thin the fourty-four (44) day
period will relieve the Bank of any liability.
5. Act upon all transfer reCluests on the date received, When re-
ceived prior to the deadlines reCluired by the Bank, and to use
any means for the transmission of funds the Bank may consider sui t-
able and charge the appropriate account for any direct charge to
the Bank for the transfer (i.e., access charge from Federal Reserve
for transfers under $1,CXX».
6. Transfer funds based upon predetermined criteria described in
written instructions to the Bank signed by an authorized repre-
sentative of the CUSTOMER.
Wire Transfer Authorization & Agreement Cont.
Page 2
It is understood that this funds transfer service (including oral
transfer reCluest) is provided as a convenience to the CUSTOMER and
in consideration of obligations of the Bank hereunder, we Agree to
(a) Release the Bank from responsibility for liability, loss or
damage or delay resulting from: CUSTOMffi 's failure to follow
this Agreement or other procedures for wire transfers of which
Bank has notified CUSTOMER; any delay in the performance by
__________~amLQ:(,_9r_fª'i¡Wª_j;~LmrformLthe~is~®s of this Agree-
ment which is caused by an act of God, fire or other catastrophe,
electrical, or computer failure; acts of, delays or failure to
act by,-any carrier and/or agent operating between Bank and
Customer, or by recipients of transferred funds and their per-
sonnel; or, without limiting the generality of the foregoing,
any other cause beyond the Bank's control. Customer will in-
demnify and hold Bank harmless from any claims, demands, ex-
penses (includir~ reasonable attorney's fees), losses or damages
arising out of the Bank's acting upon a transfer reCluest, persons
purporting to be authorized Customer representatives and which
transfers are made by Bank in accordance with this Agreement or
from Bank's refusal to act upon reCluests not made in accordance
with this Agreement or Which cannot be authenticated by Bank if
Bank elects to attempt an authentication.
(b) Subject to paragraph 4 above, agree that compensation if any,
for the loss of interest or use of funds due the Company as a
result of a Bank error or of the Bank's failure to execute a
transfer reCluest on the date received, when received prior to
the Bank's deadline, and When such error is within the Bank's
control, will be for a period not exceeding fourteen (14) days
(the CUSTOMm Notification of Discrepancies period) or the date
of actual transfer or error correction whichever comes first,
and will be in the form of either of the following at the Bank's
option:
1) Adjust the aggregate ledger and collected balances of the
CUSTCMER's account to reflect properly in the average
balances on the account analysis the amounts that would
have resulted had no error occurred.
2) Reimbursement by check not exceeding the average Fed Funds
interest rate for the period and amount in Cluestion, less
reserves, computed on a daily basis.
(c) Assume full responsibility for all transfers made by the Bank in
good faith in accordance with these procedures and agree that
the Bank shall be conclusively deemed to have exercised ordinary
care if it has followed these procedures or if the CUSTOMm has
not followed them.
(d) Agree that the transfer reCluests will at no time exceed the
account's collected balance as determined by the Funds (Wire)
Transfer Department of the Bank. CUSTOMffi shall be ,liable for
any funds transferred upon proper instructions by CUSTCMER
whether or not such amount exceeds collected balance at the
Bank .
(e) Agree to supply the Bank, in addition to Form A, any other in-
formation that the Bank may reasonably reCluest, including but
not limited to money amounts, accounts to be affected, date of
transfers, supplemental instructions, a resolution authorizing
Wire Transfer of Funds and further evidence of any authorized
representative's authority to transfer funds or to do any other
act contemplated under these procedures. Bank will assign
CUSTOMER a Security Code Number which authorized representative
must use When reCluesting Bank to make funds transfers.
Wire Transfer Authorization & Agreement Cont.
Page 3
(f) Agree that all reCluests by CUSTOMm for transfers shall conform
to the procedures as Bank may from time to time prescribe. Bank
may change these procedures upon notice to CUSTOMm. CUSTOMER
further agrees that it will prevent the disclosure within and
outside of its organization, except on a "need to know" basis,
of any of Bank's procedures relating to transfers of funds.
If the confidentiality of the procedures is compromised, CUSTOMm
will notify Bank immediately.
----(gj--Confiin1ã.tlõñ- añëf· advice of each-transfer will be mailed daily by
Bank to the following mailing arldress for the CUSTOMER:
f
City of North Richland Hills
PO .tlox ltsbOIJ
North Richland Hills. Tx 76180
This Agreement will be governed by the laws of the State of Texas. All
obligations hereunder are performable in Tarrant County, Texas. This
Agreement will terminate upon Bank's written notice to CUSTOMm, or upon
receipt by Bank's Wire Transfer Department of CUSTOMER's written notice
of termination. The indemnification and limitation of liability pro-
visions of this Agreement will survive any such termination.
DATED (\ September 28
, 19 87
\{ CitY of North Richland Hills
I'· _ ~(company)
N: ~~~~~
TITLE:
Director of Finance
ACCEPTED:
TEXAS CCMMmCE BANK-HURST, N.A.
BY:
DATE:
.-/
FORM A
CUSTOMm 'S AUTHORIZED REPRESENTATIVES
Deborah Scott
~~.,~~
£~~
. ~:hff-
~
TITLE PHONE NUMHER'
NAME
'f
12e Maness
Director of Finance 281-0041 Ext 130
Jim Cook
Asst Dir. of Finance 281-0041 Ext 116
Accountant 281-0041 Ext 216
Donna Heishman
Accountant 281-0041 Ext 217
".....-_-"....~
-_.,..--
---.---------------_.
--------
- ~-------
--.-
Bank may, at Bank's sole discretion, and without liability for fail-
ing to do so, call one of CUSTOMER's authorized re~resentatives (other
than the representative who originated the reCluest) to authenticate a
reCluest prior to initiating a transfer. If Bank is unable to authen-
ticate such reCluest, Bank may, at Bank's option, refuse to make the
reCluested transfer.
Please insert address ( es) to Which daily Advices of Wire Transfers
should be sent for account (s) held at Texas Commerce Bank - Hurst,
N.A.
ACCOUNT #
ACCOUNT TITLE
ADDRESS TO WHICH ADVICES ARE
TO BE smr
'f
Ci tv of North Rich1and
Hills Matu:r:inp; CD I S
and Interest
PO Box 18609
North Rich1and Hills, Tx 76180
Password Individual PIN'S Assigned
(to be assigned by TCB-Hurst upon
receipt of Form A)
Bank may rely upon the authority of the authorized representatives listed
in Form A until Bank's Wire Transfer Department has received written no-
tice from CUSTOMER specifying a change therein.
Submi tted By:
'f- City of North Rich1and Hills
BY: ~ ~~" # .....-
TITLE Director of Finance
Accepted:
Texas Commerce Bank-Hurst, N.A.
BY:
TITLE
DATE September 28, 1987
DATE
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FORM D
OPERATING PROCEDURES
All reCluests for Wire Transfers will be processed for same day delivery
--according.. te--.the-following-time frames:
--------.
-.--..-..- ----..----.---. --.-..' ,'. - ",- .-',
Domestic 9:00 AM to 12:00 noon
International- --9:00 AM to,11:00A11--'
. _ __ (Central ~iIn,~) _ _~ . " -., .-, - _ ..
All Wire Transfers of fllIlds are subject to the following fees:
-_._---_.~-_.._--~- - - -- -.----
- -----.- --.-- --
$10.00 per wire, outgoing
- - Note: International Wire Transfers normally include an additional
Telex and Commission fee.
. ~ +-... ..- -.
..
.-,'- -. -". ,.
WIRE TRANSFm DEADLINES
11:oo,AM
12:00 noon
1:00 PM
3:00 PM
All. International Wire Transfers
Phone-In Domestic Wire Transfers
Walk-In Domestic Wire Transfers
Incoming Wire Transfers
INCœING WIRE TRANSFmS SHOULD BE SENT AS FOLLOWS:
Wire Transfer mc~ey to Texas Commerce Bank- Houston
Houston, TX ABA #113()..{X)60-9
To CREDIT
Texas Commerce Bank-Hurst
Account 1 98-3444
To FURTHER CREDIT
Customers account Number and
Name on the Account
NarE: If the wire is being sent Pay Upon Proper ID,
it is advisable to have them include a
Drivers License number or Social Security
number.