Item No: 4.C.2.B.

Meeting Date: January 28, 2013

From: Gladys Johnson, Deputy Finance Director

Subject: Resolution authorizing change of authorized signatories on all certificates of deposit held at Branch Banking & Trust, Co. (BB&T).

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Staff Recommendation:

Staff recommends adoption of the resolution authorizing signatures on Certificates of Deposit held at BB&T

Analysis:

The requested action is necessary to change the name(s) and/or title of the individual(s) authorized on the accounts. Signature changes occur whenever there is a change in Mayor, City Manager, and/or Finance Director.

Options:

1. Approve the resolution authorizing a change of authorized signatories on the accounts at BB&T;

2. Such alternative action as the Commission may deem appropriate

Fiscal Impact:

None

Submission Date and Time: 1/23/2013 5:58 PM____

Department: __Finance_____________ Prepared by: Gladys Johnson_______ Attachments: Yes_X__ No ______ Advertised: ____Not Required __X___ Dates: __________________________ Attorney Review : Yes___ No __X_ _________________________________ Revised 6/10/04

Reviewed by: Dept. Head ________ Finance Dept. __________________ Deputy C.M. ___________________ Submitted by: City Manager ___________________

Account No. __N/A____________ Project No. ___________________ WF No. ______________________ Budget ______________________ Available _____________________

RESOLUTION NO._______________

RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA, AUTHORIZING CHANGE OF AUTHORIZED SIGNATORIES ON ALL CERTIFICATES OF DEPOSIT AT BRANCH BANKING & TRUST, CO. (BB&T); AND PROVIDING AN EFFECTIVE DATE.

BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA:

WHEREAS, Branch Banking & Trust Co. (BB&T), whose address is BB&T Capital Markets – Fixed Income, 901 E. Byrd St., 3rd Floor, Richmond, VA 23219, has qualified as a City depository pursuant to the provisions of Chapter 280, Florida Statutes; and,

WHEREAS, inasmuch as the City of Leesburg has appointed an Interim City Manager, Raymond S. Sharp, to replace the outgoing City Manager, Jay Evans,

WHEREAS, the Commission, in and for the City of Leesburg, desires to authorize a change of signatories as required by BB&T to honor all deposit agreements in the name of the City of Leesburg on its certificates of deposits at BB&T, and,

WHEREAS. BB&T has requested the Commission to provide a sample of the signatures of the City Manager, Finance Director, Deputy Finance Director and Financial Reporting Manager of the City of Leesburg, Florida to facilitate the above referenced transactions.

NOW THEREFORE, BE IT RESOLVED by the Commission, in and for the City of Leesburg, Florida as follows:

THAT, the City of Leesburg hereby authorizes the changes in signatories to honor all deposit agreements in the name of the City of Leesburg on its certificates of deposits held at BB&T, as follows:

Raymond S. Sharp, Interim City Manager

City of Leesburg

William Spinelli, Finance Director

City of Leesburg

Gladys Johnson, Deputy Finance Director

City of Leesburg

John Van Horn, Financial Reporting Manager

City of Leesburg

THAT, BB&T is being provided a sample of the signatories of the aforementioned authorized persons.

THAT, upon adoption by the Commission in open session, this resolution shall be made part of the Public Records of the City of Leesburg, Florida, and a copy hereof shall be furnished to BB&T.

THAT this resolution shall become effective immediately.

PASSED AND ADOPTED by the City Commission of the City of Leesburg, Florida, at a regular meeting held the 28th day of January, 2013.

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Mayor

ATTEST:

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City Clerk