HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2025-05RESOLUTION NO. FWLDC-2025-05
FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Updating Signatory Authority on Bank Accounts of the Corporation's Subsidia`y,
Lancaster Corridor Redevelopment LLC
WHEREAS, Lancaster Corridor Redevelopment LLC (the "LLC") is a subsidiary of
the Fort Worth Local Development Corporation ("Corporation"), with the Corporation serving
as the LLC's sole managing member; and
WHEREAS, the LLC maintains financial accounts at Pinnacle Bank ("Financial
Institution"); and
WHEREAS, it is necessary to affirm and designate Pinnacle Bank as a depository for the
funds of the LLC and to designate certain persons (each an "Agent") with signatory authority for
all actions related to the financial accounts of the LLC.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD THAT:
Section 1. The Financial Institution is designated as a depository for the funds of the LLC
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 Trustees of the LLC and certified to the Financial
Institution as governing the operation of this company'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 LLC. Any Agent, so long as they act in a representative capacity
as an Agent of the LLC, is authorized to make any and all other contracts, agreements, stipulations
and orders which they may deem advisable for the effective exercise of the powers indicated
below, from time to time with the Financial Institution, subject to any restrictions on this resolution
or otherwise agreed to in writing.
Section 4. All transactions, if any, with respect to any deposits, withdrawals, rediscounts
and borrowings by or on behalf of the LLC with the Financial Institution prior to the adoption of
this resolution are hereby ratified, approved and confirmed.
Section 5. The LLC agrees to the terms and conditions of any account agreement, properly
opened by any Agent of the LLC. The LLC authorizes the Financial Institution, at any time, to
charge the LLC 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 LLC acknowledges and agrees that the Financial Institution may furnish
at its discretion automated access devices to Agents of the LLC 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 LLC 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 LLC 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 LLC authorizes each Agent to have custody of the
LLC'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. Jesica McEachern, Oriana "Ori" Fernandez, and Reginald Zeno, for so long as
they are employed by and in good standing with the City of Fort Worth, are authorized as Agents
to exercise all of the powers granted below. Each power will require the signature of at least two
of the listed Agents.
Authorized Agent
Description of Power Signature
Jesica McEachern
(1) Exercise all of the powers listed in this resolution.
Oriana "Ori" Fernandez
Reginald Zeno
Jesica McEachern
(2) Open any deposit or share account(s) in the name
Oriana "Ori" Fernandez
of the LLC.
Reginald Zeno
Jesica McEachern
(3) Endorse checks and orders for the payment of
Oriana "Ori" Fernandez
money or otherwise withdraw or transfer
Reginald Zeno
funds on deposit with this Financial Institution.
Jesica McEachern
(4) Borrow money on behalf and in the name of the -
Oriana "Ori" Fernandez
LLC, sign, execute and deliver promissory
Reginald Zeno
notes or other evidences of indebtedness.
Jesica McEachern (5) Endorse, assign, transfer, mortgage or pledge
Oriana "Ori" Fernandez bills receivable, warehouse receipts, bills of
Reginald Zeno lading, stocks, bonds, real estate or other property i0A_
now owned or hereafter owned or acquired by the
LLC as security for sums borrowed, and
to discount the same, unconditionally guarantee
payment of all bills received, negotiated or discounted
and to waive demand, presentment, protest, notice of
protest and notice of non-payment.
Jesica McEachern (6) Enter into a written lease for the purpose of renting,
Oriana "Ori" Fernandez maintaining, accessing and terminating a Safe Deposit
Reginald Zeno Box in this Financial Institution.
Jesica McEachern (7) Authorize other individuals to endorse any orders
Oriana "Ori" Fernandez for the payment of money or otherwise withdraw or
Reginald Zeno transfer funds on deposit with this institution. Such
authorization of other individuals must be in writing
on this Institution's approved form.
Jesica McEachern (8) Enter into contracts for bank services including
Oriana "Ori" Fernandez but not limited to wire transfers, ACH, Remote
Reginald Zeno Deposit, Overdraft Protection, and any other service
offered by the bank.
By:
Gyna M. 4vens
President
Attest:
n )"etteGoodall
orporate Secretary