HomeMy WebLinkAboutRESOLUTION - 55-83 - 9/13/1983 - DESIGNATE DEPOSITORY/CITIBANK NA RESOLUTION NO. 55-83
A RESOULTION DESIGNATING A DEPOSITORY (CITIBANK, N.R. )
AND AUTHORIZING AN AGENT FOR THE VILLAGE OF ELK GROVE
VILLAGE'S WORKERS' COMPENSATION SELF-INSURED ACCOUNT.
(GALLAGHER BASSETT)
WHEREAS, it has been recommended that the best interest of the
Village of Elk Grove village would be served by maintaining the Citibank,
N. A. as a designated depository in which certain funds of the Village of
Elk Grove Village may be deposited, and,
WHEREAS, it has been recommended that the best interest of the
Village of Elk Grove Village would be served by authorizing Gallgher Bassett,
our claims administrator for the Self-Insured Workers' Compensation Program,
to act as agent and make payments as required on the Village's behalf.
NOW, THEREFORE, BE IT RESOLVED, by the President and Board of
Trustees of the Village of Elk Grove Village, Counties of Cook and DuPage,
Illinois:
Section 1 : That the Citibank, N.A. New York, New York (hereinafter
sometimes referred to as the "Bank") be and hereby is designated as a depository
in which the funds of this Municipal Corporation may be deposited by its
officers, agents and employees, and that such officers, agents and employees
shall be and each of them hereby is authorized to open and maintain an account
or accounts with said Bank and to endorse for deposit or negotiation any
and all checks, drafts, notes, bills of exchange, and orders for the payment
of money, either belonging to or coming into possession of this Municipal
Corporation. Endorsements for deposit may be made in writing or by a stamp
and without designation of the person so endorsing, and it being understood
and agreed that on all such items deposited all prior endorsements are guaranteed
by this Municipal Corporation whether or not expressly incorporated therein.
Section 2: That Gallagher Bassett is hereby authorized to act as
agent for the Village of Elk Grove Village in making payments, as required,
to claimants of the Village of Elk Grove Village Workers' Compensation
Self-Insured Account.
Section 3: That said Citibank, N.A. hereby is authorized to pay
out funds on deposit with it to the credit of this Municipal Corporation,
upon checks or other orders for the payment of money drawn upon said depository
and signed in the name of this Municipal Corporation by authorized employees
of its agent, Gallagher Bassett.
Section 4: That said Citibank, N.A. while acting as depository,
shall furnish this Municipal Corporation with a copy of all statements of
resources and liabilities which it is required to furnish to the Commissioner
of Banks and Trust Companies or the Comptroller of Currency.
Section 5: That this Resolution shall be in full force and effect
from and after its passage and approval according to law until it shall have
been repealed, and until written notice of such repeal shall have been delivered
to said Citibank, N.A. at its office in New York City, New York.
Passed and Approved this 13th day of September 1983
Charles J. Zettek
President
ATTEST:
Ilafern Snick
Acting Village Clerk