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R-1982 - 01/11/2022 - FINANCE - Resolutions ITEM 6.E.5 BOARD OF TRUSTEES MEETING v1�tAc> n1= SAMUEL E. DEAN BOARD ROOM OAK B R , K BUTLER GOVERNMENT CENTER 1200 OAK BROOK ROAD OAK BROOK, ILLINOIS 630-368-5000 AGENDA ITEM Regular Board of Trustees Meeting of January 11, 2022 SUBJECT: Update Village Brokerage Signer FROM: Jason Paprocki, Finance Director J BUDGET SOURCE/BUDGET IMPACT: N/A RECOMMENDED MOTION: I move the Village Board approve Resolution 2022-FI- BKSRV-R-1982 "A Resolution Adding and Removing Various Officers as Signatories on Village Brokerage Accounts". Background/History: With the recent appointment of Village Manager Greg Summers, it is necessary to update the authorized traders on the Village's investment accounts with JP Morgan Chase and The Illinois Funds. Currently, the only two authorized traders are Police Chief James Kruger and Finance Director Jason Paprocki. This resolution is to remove Chief Kruger from the authorized traders and add Village Manager Greg Summers. Recommendation I recommend the Village Board approve Resolution 2022-FI-BKSRV-R-1982 "A Resolution Adding and Removing Various Officers as Signatories on Village Brokerage Accounts". BOT AGENDA Page 1 THE VILLAGE OF OAK BROOK COOK AND DUPAGE COUNTIES, ILLINOIS RESOLUTION 2022-F I-B N KS RV-R-1982 A RESOLUTION ADDING AND REMOVING VARIOUS OFFICERS AS SIGNATORIES ON VILLAGE BROKERAGE ACCOUNTS GOPAL G. LALMALANI, Village President CHARLOTTE K. PRUSS, Village Clerk LAURENCE HERMAN MICHAEL MANZO JAMES NAGLE A. SURESH REDDY EDWARD TIESENGA ASIF YUSUF Village Board Published in pamphlet form by authority of the President and the Board of Trustees of the Village of Oak Brook on this the 11 th day of January, 2022 Resolution 2022-FI-BNKSRV-R-1982 A Resolution Adding and Removing Various Officers as Signatories on Village Brokerage Accounts Page 2 of 3 RESOLUTION 2022-FI-BNKSRV-R-1982 A RESOLUTION ADDING AND REMOVING VARIOUS OFFICERS AS SIGNATORIES ON VILLAGE BANK ACCOUNTS WHEREAS, the Village of Oak Brook (the "Village") is a municipal corporation with authority provided for and granted pursuant to the Illinois Municipal Code to exercise certain powers and perform certain functions pertaining to its local government and affairs; and WHEREAS, the Village maintains a brokerage account with JP Morgan and The Illinois Funds ("Accounts' ; and WHEREAS, Police Chief and Interim Village Manager, James Kruger is an authorized signatory and agent on the Accounts; and WHEREAS, the Village has appointed Greg Summers as Village Manager effective January 3, 2022; and WHEREAS, Village Board desires to: (i)remove James Kruger as a signatory and its agent on the Accounts, effective January 11, 2022; and (2) add Greg Summers as a signatory and its agent on the Accounts, effective on the date of passage of this Resolution; and WHEREAS, the Village President and Board of Trustees hereby find and determine that it is in the best interest of the Village to approve this Resolution; NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF OAK BROOK, DU PAGE AND COOK COUNTIES, ILLINOIS as follows: Section 1: Recitals. The foregoing recitals are incorporated into, and made a part of, this Resolution as the findings of the Village President and Board of Trustees. Section 2: Removal of Authority to be Signatory and Agent. The President and Board of Trustees hereby removes and repeals the authority of James Kruger to serve as a signatory and agent on the Village Accounts, effective January 11, 2022. Section 3: Authorization to be a Signatory and Agent. The President and Board of Trustees hereby authorize and appoint Greg Summers to serve as a signatory and agent on the Accounts. Section 4: Execution of Required Documentation. The President, the Village Manager, the Village Clerk, and the Village's Finance Director are hereby authorized to execute and attest, on behalf of the Village, all necessary documents to effectuate Sections 2 and 3 of this Resolution. Section 5: Effective Date. This Resolution shall be in full force and effect upon passage and approval in the manner provided by law. [SIGNATURE PAGE FOLLOWS] Resolution 2022-FI-BNKSRV-R-1982 A Resolution Adding and Removing Various Officers as Signatories on Village Brokerage Accounts Page 3 of 3 APPROVED THIS 111h day of January, 2022. Gopal G. Lalmalani Village President PASSED THIS 11 th day of January, 2022. Ayes: Trustees Herman, Manzo, Reddy, Tiesenga, Yusuf Nays: None Absent: Trustee Nagle ATTEST: Cs� ©IF 0 A a � Charlotte K. Pruss Village Clerk G •i O COU NTi v