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HomeMy WebLinkAboutResolution No. 95-R30 • RESOLUTION NO. 95_R3 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE CITY OF AZUSA REDEVELOPMENT AGENCY AUTHORIZING THE EXECUTIVE DIRECTOR AND THE DIRECTOR OF FINANCE TO CLOSE THE AGENCY'S REVOLVING CREDIT ACCOUNTS WITH BANK OF AMERICA AND TO REOPEN THEM WITH FIRST INTERSTATE BANK OF CALIFORNIA WHEREAS, in 1985 the Board of Directors of the City of Azusa Redevelopment Agency authorized the Agency staff to open revolving credit accounts with Bank of America, and WHEREAS, following Board's direction, the staff did open the accounts and administer their use, which is generally limited to Agency executive staff, and WHEREAS, due to its merger with Security Pacific National Bank and its subsequent downsizing, Bank of America has moved its Pasadena, California VISA revolving credit offices to Phoenix, Arizona, and its MasterCard (formerly Security Bank) offices are located in Seattle, Washington, and WHEREAS, conducting daily financial business with such distant facilities has caused unnecessary delays, inaccuracies and other problems with the Agency's accounts, and WHEREAS, First Interstate Bank of California operates a revolving credit card program that is free from billing problems and costs the same, and possibly less than, the Bank of America program, NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE CITY OF AZUSA REDEVELOPMENT AGENCY DOES HEREBY RESOLVE AS FOLLOWS: That it is in the best interests of the City of Azusa Redevelopment Agency to close its revolving credit accounts with Bank of America and to reopen them with First Interstate Bank ("Bank"). That the Executive Director or the Finance Director of the City of Azusa are authorized, on behalf of this municipal corporation, to: a. Enter into Credit Card Agreements with Bank. b. Designate who may receive and use Credit Cards issued on behalf of this municipal corporation. c. Execute security agreements with respect to this municipal corporation's credit card accounts. d. Otherwise bind this municipal corporation with respect of its Credit Card Accounts. 3. That this authorization shall be deemed retroactive and that any acts authorized and any obligations incurred or assumed by the above -designated officers with respect to Credit Card Accounts prior to the passage of this Resolution are approved and ratified. 4. This Resolution does not limit any other authority that any of this municipal corporation's officers may otherwise have to act on its behalf. 0 . 5. This municipal corporation's Credit Card Accounts shall be used for business purposes only; however, if any non -business use occurs, this municipal corporation shall be fully liable to the Bank for such use. 6. This Resolution shall remain in effect until written notice of its revocation is received by the Bank at the address designated for notices in the Bank's Business Card Agreement and the Bank has had a reasonable period of time in which to act upon such notice. PASSED, APPROVED AND ADOPTED THIS 17tPAY OF Jnnnary 91995. CHAIRMAN I certify that I am the Secretary of the above-named municipal corporation; that the foregoing is a complete and accurate copy of Resolution number 95—R3that was duly adopted by the Board of Directors of the City of Azusa Redevelopment Agency on the 17thday of January ) 1995 by the following vote; that the Resolution is now in full force and effect and has not been revoked or changed in any way; that the persons named below are the officer(s) referenced in the Resolution; and that the signatures below are genuine and authorized. AYES: COUNCILMEMBERS: HARDISON, NARANJO, BEEBE, ALEXANDER NOES: COUNCIL MEMBERS: NONE ABSTAINS: COUNCIL MEMBERS: MADRID ATTEST: ACCEPTANCE BY MUNICIPAL CORPORATION By signing below, I certify and agree that: 1. I received and agree that the municipal corporation's Credit Card accounts will be governed by the terms of the Bank's Business Card Agreement; 2. The persons named below are authorized to give instructions on behalf of the municipal corporation regarding its Credit Card Accounts. Henry T. arcia, Executive Director ,a.