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HomeMy WebLinkAboutRes 53-88 12/20/1988 ~ ~ 'j RESOLUTION NO. ..5.3.=ßB A RESOLUTION AUTHORIZING EXECUTION OF A CERTIFICATE OF INCUMBENCY BETWEEN THE VILLAGE OF MOUNT PROSPECT AND THE FIRST NATIONAL BANK OF CHICAGO PURSUANT TO AN ESCROW AGREEMENT BETWEEN THE VILLAGE OF MOUNT PROSPECT AND THE ALTER GROUP WHEREAS, pursuant to Resolution No. 30-88, the Village of Mount Prospect entered into an Escrow Agreement with the Alter Group, Ltd., for the purpose of establishing an escrow account to cover the cost of the future installation of certain street lights in conjunction with the development of Lake Center Plaza; and WHEREAS, the Escrow Agreement between the Village of Mount Prospect and the Alter Group, Ltd., calls for the establishment of a segregated interest-bearing escrow account in which said funds shall be deposited; and WHEREAS, said Escrow Account is to be established with the First National Bank of Chicago, and as a pre-condition, the opening of said account requires the adoption of a Certificate of Incumbency between the Village of Mount Prospect and the First National Bank of Chicago which Certificate establishes the protocol for future draw-downs on said Account. NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: SECTION ONE: That the Mayor is hereby authorized to sign and the Village Clerk authorized to attest her signature on the Certificate of Incumbency between the Village of Mount Prospect and the First National Bank of Chicago, a copy of said Certificate of Incumbency is attached hereto and hereby made a part hereof as Exhibit A. SECTION TWO: That this Resolution shall be in full force and effect from and after its passage and approval in the manner provided by law. AYES: Farley, Floras, Murauskis, Van Geern NAYS: None ABSENT: Arthur, Wattenberg PASSED and APPROVED this 20th day of December , 1988. ca~K1u~ Mayor ATTEST: ~1l7~~ Carol A. Fields Village Clerk ~1 Account~ VILLAGE OF MOUNT PROSPECT RESOLUTION AND CERTIFICATE OF INCUMBENCY I, the undersigned, Village Clerk of the Village of Mount Prospe~t, (hereinafter the "Village"), do hereby certify that the following is a complete, true and correct copy of certain resolutions adopted at a duly called meeting of the Village held on the 20th day of December, 1988, and that said resolutions have not been rescinded or modified and are in full force and effect at this date. BE IT RESOLVED, that the First National Bank of Chicago (hereinafter the "Bank") be, and it hereby is, designated as a depositary in which the funds of the Village may be deposited by its officers, agents and employees, and each of them hereby is authorized to endorse for deposit or negotiation and and all checks, drafts, notes, bills or exchange and orders for the payment of money, either belonging to or coming into the possession of the Village. Endorsements for deposit may be by the written or stamped endorsement of the Village without designation of the person making the endorsement; BE IT FURTHER RESOLVED, that Carolyn H. Krause, President and David C. Jepson, Treasurer, jointly are authorized to sign any and all checks, drafts and orders, including orders or direction in informal or letter form, against any funds at any time standing to the credit of the Village with said Bank, and/or against any account of this Village with said Bank, and the said Bank be, and it hereby is, authorized to honor any and all checks, drafts and orders so signed, including those drawn to the individual order of any such officer and/or other person signing the same, without further inquiry or regard to the authority of said officer(s) and/or other person(s) or the use of said checks, drafts and orders, or the proceeds thereof; BE IT FURTHER RESOLVED, that the Bank as a designated depositary of the Village be, and it (including its correspondent banks) hereby is, requested, authorized and directed to honor checks, drafts and other orders for the payment of money drawn in the Village's name, including those drawn to the individual order of any person or persons whose name or names appear thereon as signer thereof, when bearing or purporting to bear the facsimile signature(s) of Carolyn H. Krause, President, and David C. Jepson, Treasurer, Jointly the Village and the Bank shall be entitled to honer, and to charge the account of the Village for, such checks, drafts or other orders for the payment of money, regardless of by whom or by what means the actual or purported facsimile signature or signatures thereon may have been affixed thereto, if such signature or signatures resemble the facsimile specimens of such signatureCs) certified to or filed with the Bank by or on behalf of the Village; and ,~ "~" BE IT FURTHER RESOLVED, that David C. Jepson, Treasurer of the Village, is authorized from time to time to designate in writing to the Bank those officers, employees and other agents of the Village authorized to issue written, telephonic, electronic or oral instructions with respect to the transfer of funds of the Village on deposit with the Bank (or otherwise transferable by the Bank) (a) by wire, automated clearinghouse or other electronic means of transfer, without any written order for the payment of money being issued with respect to such transfer, or (b) by check, draft or other written order for the payment of money, whether signed by persons authorized pursuant to this resolution or authorized by the Bank. I FURTHER CERTIFY that the following named persons are at this date the officers of the Village duly qualified and now acting as such: Name Title Signature, David C. Jepson Treasurer ü~~ ~~ Q.~- Carolyn H. Krause President Carol A. Fields Village Clerk DATED this 20th day of December, 1988. VILLAGE OF MOUNT PROSPECT By: "; .? La/~f-~ j/ I!~ President ATTEST: By: ~a~ Village Cl k . ~/