DATE: August 10, 2017
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Kristine Tallent, Assistant City Administrator/CFO
Mike Lowe, Comptroller
SUBJECT:
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Consideration of Resolution 2017-66, a Resolution Certifying Investment Accounts and Loans (08/10/17 Finance 4-0)
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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 investment accounts and loans.
Background
From time to time, some of the financial institutions doing business with the City of Franklin request a formal certification that details which officials can conduct transactions on behalf of the City. Fifth Third, the City’s investment custodial bank, 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 to forward to the full Board of Mayor & Aldermen.