HomeMy WebLinkAboutResolution Central City Local Government Corporation (CCLGC) FWCCLGC-2022-02RESOLUTION NO. FWCCLGC-2022-02
CENTRAL CITY LOCAL GOVERNMENT CORPORATION
RESOLUTION
OF THE BOARD OF DIRECTORS
Authorizing the Addition of Authorized Signatories from Red Oak Realty
to the Corporation Chase Bank Operating Account
WHEREAS, the Central City Local Government Corporation ("Corporation") is the
owner of the Magnolia Green Parking Garage located at 1150 Alston Avenue to support the
Magnolia Green development and maintains an account at JPMorgan Chase Bank, N.A.
("Financial Institution") for the Magnolia Green Garage operating account; and
WHEREAS, the Corporation has engaged Red Oak Realty, LLC to operate and maintain
the Magnolia Green Parking Garage on a day-to-day basis; and
WHEREAS, it is necessary to affirm and designate certain persons (an "Agent") with
Red Oak Realty, LLC with signatory authority for actions related to the operating account; and
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD:
Section 1. The Financial Institution is designated as a depository for the funds of the
Corporation and to provide other financial accommodations indicated in this resolution.
Section 2. This resolution shall continue to have effect until express written notice of its
rescission or modification has been received and recorded by the Financial Institution. Any and all
prior resolutions adopted by the Board of Directors of the Corporation and certified to the Financial
Institution as governing the operation of this corporation' s account(s), are in full force and effect,
until the Financial Institution receives and acknowledges an express written notice of its
revocation, modification or replacement. Any revocation, modification or replacement of a
resolution must be accompanied by documentation, satisfactory to the Financial Institution,
establishing the authority for the changes.
Section 3. The signature of an Agent on this resolution is conclusive evidence of their
authority to act on behalf of the Corporation, as set forth in this resolution.
Section 4. All transactions, if any, with respect to any deposits, withdrawals, rediscounts
and borrowings by or on behalf of the Corporation with the Financial Institution prior to the
adoption of this resolution are hereby ratified, approved and confirmed.
Resolution FWCCLGC-2022-02
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Section 5. The Corporation authorizes the Financial Institution, at any time, to charge the
Corporation for all checks, drafts, or other orders, for the payment of money, that are drawn on the
Financial Institution, so long as they contain the required number of signatures for this purpose.
Section 6. The Corporation acknowledges and agrees that the Financial Institution may
furnish at its discretion automated access devices to Agents of the Corporation to facilitate those
powers authorized by this resolution or other resolutions in effect at the time of issuance. The term
"automated access device" includes, but is not limited to, credit cards, automated teller machines
(ATM), and debit cards.
Section 7. The Corporation acknowledges and agrees that the Financial Institution may
rely on alternative signature and verification codes issued to or obtained from the Agent named on
this resolution. The term "alternative signature and verification codes" includes, but is not limited
to, facsimile signatures on file with the Financial Institution, personal identification numbers
(PIN), and digital signatures. If a facsimile signature specimen has been provided on this
resolution, (or that are filed separately by the Corporation with the Financial Institution from time
to time) the Financial Institution is authorized to treat the facsimile signature as the signature of
the Agent(s) regardless of by whom or by what means the facsimile signature may have been
affixed so long as it resembles the facsimile signature specimen on file. The Corporation authorizes
each Agent to have custody of the Corporation's private key used to create a digital signature and
to request issuance of a certificate listing the corresponding public key. The Financial Institution
shall have no responsibility or liability for unauthorized use of alternative signature and
verification codes unless otherwise agreed in writing.
Section 8. Jack Clark and Rick Rains, for so long as they are employed by and in good
standing with Red Oak Realty, and for so long as Red Oak Realty is under contract with
Corporation for the operation and management of the Magnolia Green Parking Garage, are
authorized as Agents to exercise all of the powers granted below for the sole purpose of fulfilling
the duties of Red Oak Realty as operator and manager of the Magnolia Green Parking Garage.
Each power will require the signature of both Agents.
Authorized Agent Description of Power
Jack Clark (1) Endorse checks and orders for the payment of
Rick Rains money or otherwise withdraw or transfer
funds on deposit with this Financial Institution.
Jack Clark (2) Authorize other individuals to endorse any orders
Rick Rains for the payment of money or otherwise withdraw or
transfer funds on deposit with this institution. Such
authorization of other individuals must be in writing
on this Institution's approved form.
Jack Clark (3) Enter into contracts for bank services including
Rick Rains but not limited to w ire transfers, ACH, Remote
Deposit, Overdraft Protection, and any other service
offered by the bank.
Signature
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Resolution FWCCLGC-2022-02
Attest:
JPnnettc Goodall
lorporate Secretary