03/18/85 Board of Public Works Minutes

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REGULAR MEETING MARCH 18, 1985 RESOLUTION NO. 11-1985 RESOLUTION OF THE BOARD OF PUBLIC WORKS OF THE CITY OF SOUTH BEND, INDIANA, AUTHORIZING AGREEMENT REGARDING TRANSFER OF FUNDS We certify that we are the Mayor and the members of the Board of Public Works of the Civil City of South Bend, St. Joseph County, Indiana, (the "Corporation") and that the following Resolution was adopted by the Board of Public Works of the Civil City of South Bend, acting in accordance with the laws of the State of Indiana, on March 18, 1985, and that such Resolution has not been rescinded or modified. RESOLVED, that the Corporation recognizes that the transfer of funds from its accounts other than by check poses certain special risks and that notwithstanding those risks, the Corporation wishes to authorize such transfers by lst Source Bank, South Bend, IN, ("Bank) subject to the conditions stated in this Resolution and that in order to induce the Bank to accept orders for such transfers, the Corporation agrees that the liability for any loss that may result from any such transfer will be limited as provided in this Resolution. FURTHER RESOLVED, that lst Source Bank is authorized and directed to make transfers of funds from account of the Corporation by debiting or charging the Corporation's account or accounts, without limit, upon orders in the form of telephone, telegraphic, written, or oral requests, when such request is made by a person or persons authorized by the Corporation, and for such accounts referenced on the "Fund Transfer Authorization" form pursuant to the following terms and conditions: 1. Such orders may direct transfer of funds to other of the Corporations' accounts with the Bank or with a third party directly or through another bank. 2. The Corporation authorizes the Bank to record all telephonic or oral requests which recording may be retained until expiration of at least sixty (60) days after made. 3. The Corporation understands that at the Bank's dis- cretion, the Bank may confirm by telephone any transfer request with any of the persons authorized to initiate or confirm a request, provided such confirmation is made by one other than the person who initiated the request. The Corporation further understands and accepts the fact that a delay may occur as a result of inability to obtain a direct confirmation as outlined above. However, even if the Bank does not confirm a transfer request, as long as the Bank believes in its discretion that such a request emanates from the Corporation pur- suant to this Agreement, whether in fact that be the case or not, then the Bank shall not be liable for acting in good faith on such a request. 4. It is understood that in effecting any transfers, lst Source Bank is acting as an agent for the Corporation and that the Bank may select any cor- respondent, agent, or sub -agent in effecting this transfer, and shall not be liable for their improper acts or omissions to act. Neither lst Source Bank