HomeMy WebLinkAboutRESOLUTION - 34-03 - 5/13/2003 - LEGAL DEFENSE TRUST FUND/DESIGNATE BANKRESOLUTION NO. 34-03
A RESOLUTION DESIGNATING ADVANTAGE NATIONAL BANK AS
SPECIAL DEPOSITORY BANKING FACILITY FOR THE VILLAGE'S LEGAL
DEFENSE TRUST ACCOUNT
WHEREAS, the Village of Elk Grove Village, an Illinois Home Rule
Municipality, has determined it to be in the best interest of the Village to defend
the Village from unwarranted taking of public and private property currently within
the corporate limits of the Village; and
WHEREAS, the establishment of a special trust account, separate and
distinct from the Village's General Corporate Fund or any other current Village
fund, in order to finance the defense of any such taking, is deemed a matter
relating to the Village's government and affairs; and
WHEREAS, Advantage National Bank has indicated a willingness to act
as the depository of said special trust account.
NOW, THEREFORE BE IT RESOLVED by the Mayor and Board of
Trustees of the Village of Elk Grove Village, Counties of Cook and DuPage,
Illinois as follows:
Section 1: That Advantage National Bank here and the same is hereby
designated as the Special Depository Banking Facility of the Village of Elk Grove
Village for the establishment of the Village's Legal Defense Trust Account, and to
administer said account as follows:
1. All deposits into said trust account and expenditures therefrom shall be
deemed exempt from any law, statute or enactment which may attempt to
prohibit the Village from any expenditure of Village funds for the legal
defense of its property and infrastructure, but otherwise shall be subject to
all applicable laws relating to the expenditure of Village funds.
2. The Trust Account shall be utilized for all costs of the Village's legal
defense, including attorney fees, consultant and advisor's fees, court
costs, expenditures to educate and inform citizens with respect to
matters of public policy relating to the defense of the Village, and all
costs reasonably incurred related thereto. In addition, the Village may
direct funds to establish and provide financing for a specially
designated Not -For -Profit Corporation, incorporated for the purpose of
paying all costs and fees associated with the defense of the Village to
the same trust extent as expenditures for this purpose from the trust
account.
3. The Mayor, Craig B. Johnson, Village Manager, Gary E. Parrin, and
Director of Finance, Hilda Ingebrigtsen, are hereby designated as
authorized signatories on said trust account, it being necessary for
three signatures to draw on any funds in the account.
4. That this account shall remain open and in full force and effect to be
utilized as provided herein until terminated or otherwise amended by
resolution of the Village Board. Upon termination, all funds not
expended shall be deposited in such Village account as designated by
said resolution.
Section 2: That this Resolution shall be in full force and effect from and
after its passage and approval according to law.
VOTE: AYES: 6 NAYS: 0 ABSENT. 0
PASSED this 13'h day of May 2003
APPROVED this 13'h day of May 2003
APPROVED:
Craig B. Johnson, Mayor
ATTEST:
Ann I. Walsh
Village Clerk
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