DATE: December 1, 2016
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
SUBJECT:
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Consideration of Resolution 2016-82, a Resolution Certifying Bank Accounts and Loans (Update of Resolution 2014-80) (12/1/16 Finance Committee 3-0)
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Purpose
The purpose of this memo is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning authorized signers for bank accounts and loans. Resolution 2016-82 updates Resolution 2014-80 by changing the name of the City’s Assistant City Administrator/CFO from Russell Truell to Kristine Tallent.
Background
From time to time, some of the financial companies doing business with the City of Franklin request a formal certification that details which officials are allowed to conduct transactions on behalf of the City. Westwood Global Investments, one of the money managers of pension assets, has requested a certification.
City staff has modeled a certification resolution that is patterned after similar resolutions that we routinely prepare for our providers of banking services.
Financial Impact
There is no financial impact resulting from the Resolution.
Recommendation
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Staff recommends approval of the Resolution by Committee, in order to forward to the full Board of Mayor & Aldermen.