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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 p::¡ ro 1-0 !:ID f+-! 0 t: O~ 'r-4 0) rn t: rn ~ CQ .r-4 0) p.. 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'>' .r-4 H P::¡- ~ ~ . .~ ~ 0·r-4 .s::+> +> .r-4 ~~ ro 0) +> +> .r-4 S ~ 0) ~ .. 1Ef rg +' p.. 0) () () < 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.