Resolution No. 20571
RESOLUTION NO 2057
4 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CYPRESS
WHEREBY THE ESTABLISHMENT AND MAINTENANCE OF SECURITY
CASH ACCOUNTS HAVE BEEN AUTHORIZED
THE CITY COUNCIL OF THF CITY OF CYPRESS HEREBY DOES RESOLVE AS FOLLOWS
1 That the Mayor or City Manager of the City of Cypress or the Treasurer
or Finance Officer be and they hereby are, and each of them hereby is authorized
and empowered for and on behalf of the City of Cypress (herein called the 'City'),
to establish and maintain one or more accounts with Bank of America National
Trust and Savings Association (herein called the "Bank") for the purpose of
purchasing investing in or otherwise acquiring selling possessing, trans
ferring exchanging or otherwise disposing of or turning to account of or
realizing upon and generally dealing in and with such securities as are legal
for California charter cities
The fullest authority at all times with respect to any such commitment or
with respect to any transaction deemed by any of the said officers and/or agents
to be proper in connection therewith is hereby conferred including authority
(without limiting the—generality of the foregoing) to give written or oral
Instructions to the Bank with respect to said transactions to bind and obligate
the City to and for the carrying out of any contract, arrangement, or transaction
which shall be entered into by anv such officer and/or agent for and on behalf of
the City with or through the Bank to pay in cash or by checks and/or drafts drawn
upon the funds of the City such sums as may be necessary in connection with any
of the said accounts to deliver securities to and deposit funds with the Bank
to order the transfer or delivery of securities to any other person whatsoever
and/or to order the transfer of record of any securities to any name selected by
any of the said officers or agents to affix the City seal to any document or
agreements or otherwise to endorse any securities in order to pass title thereto
to direct the sale or exercise of any rights with respect to any securities to
sign for the City all releases powers of attorney and/or other documents in
connection with any such account and to agree to any terms or conditions to control
any such account to direct the Bank to surrender any securities to the proper
agent or party for the purpose of effecting any exchange or conversion, or for the
purpose of deposit with any protective or similar committee or otherwise to
accept delivery of any securities to appoint any other person or persons to do any
and all things which any of the said officers and/or agents is hereby empowered
to do •Ind generally to do and take all action necessary in connection with the
account or considered desirable by such officer and/or agent with respect thereto
2 That the Bank may deal with any and all of the persons directly or
indirectly by the foregoing resolution empowered as though they were dealing
with the City directly
3 That the City Clerk of the City be and he hereby is authorized empowered
and directed tQ certify, under the seal of the City to the Bank
(a) a true copy of this resolution
(b) specimen signatures of each and every person by this resolution
empowered,
(c) a certificate (which, if required by the Bank shall be supported
by an opinion of the general counsel of the City or other counsel
satisfactory to the Bank) that the City is duly organized and
existing that its charter empowers it to transact the business
by this resolution defined, and that no limitation has been
imposed upon such powers by the By -Laws or otherwise
1 That the Bank may rely upon any certification given in accordance with
this resolution is continuing fully effective unless and until the Bank shall
receive due written notice of a change in or the rescission of the authority so
evidenced and the dispatch or receipt of any other form of notice shall not
constitute a waiver of this provision nor shall the fact that any person hereby
empowered ceases to be an officer of the City or becomes an officer under some
other title in any way affect the powers hereby conferred The failure to supnly
any specimen signature shall not invalidate any transaction if the transaction
is in accordance with authority actually granted
5 That in the event of any change in the office or powers of persons
hereby empowered the City Clerk shall certify such changes to the Bank in writing
in the manner hereinabove provided which notification, when received shall be
adequate both to terminate the powers of the persons theretofore authorized and
to empower the persons thereby substituted
6 That the foregoing resolution and the certificates actually furnished
to the Bank by the City Clerk of the City pursuant thereto he and they hereby
are made irrevocable until written notice of the revocation thereof shall have
been received by the Bank
PASSED AND ADOPTED by the City Council of the City of Cypress at a regular
meeting held on the 13th day of February, 1979
MAYOR OF THE CI'V' OF CYPRESS
ATTEST
CITY CLER 0 • TII
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
1, DARRELI ESSEX City Clerk of the City of Cypress, ')O HEREBY CERTIFY
that the foregoing Resolution was duly adopted at a regular meeting of the said
City Council on the 13th day of February 19'9 by the following roll call vote
AYES 4 COUNCIL MEMBERS Evans, Lacayo, Rowan and Hudson
:OI:S 0 COUNCIL MEMBERS None
ABSENT 1 C0UNCIL MEMBERS MacLain
CITY CLERK OF THE CITY OF CYPRESS
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