R-1372 - 05/27/2014 - FINANCE - Resolutions Supporting Documents ITEM 61.2.
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AGENDA ITEM
Regular Board of Trustees Meeting
of
May 27, 2014
SUBJECT: Brokerage Signatories Resolution
FROM: Sharon Dangles, Finance Director
BUDGET SOURCE/BUDGET IMPACT: N/A
RECOMMENDED MOTION: Motion to approve Resolution R-1372, A Resolution
Adding and Removing Various Officers as Signatories on Village Brokerage Account.
Background/History:
As you are aware, Village Manager David Niemeyer has resigned his employment with the
Village, effective June 2, 2014, and that Arthur Osten, Jr. has been retained to serve as the
Interim Village Manager until a new Village Manager is appointed. This Resolution serves to
remove Mr. Niemeyer as a signatory on the Village brokerage account, effective June 2, 2014,
and add Mr. Osten as a signatory on the Village brokerage account as of the passage of this
Resolution through the term of his employment with the Village. The signatory authority of the
Finance Director will not change.
Recommendation:
That the Board pass Resolution R-1372.
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Last printed 5/21/2014 1:19 PM
RESOLUTION 2014-FI-BKSRV-R-1372
A RESOLUTION ADDING AND REMOVING VARIOUS OFFICERS
AS SIGNATORIES ON VILLAGE BROKERAGE ACCOUNTS
WHEREAS, the Village maintains a brokerage account with JP Morgan ("Account"); and
WHEREAS, Village Manager, David Niemeyer is an authorized signatory and agent for the
Village on the Account; and
WHEREAS, the Village Manager has resigned his employment with the Village, effective June 2,
2014; and
WHEREAS, the Village has retained Arthur Osten, Jr. to serve as the Interim Village Manager
until the Village appoints a new Village Manager; and
WHEREAS, Village Board desires to: (i) remove David Niemeyer as a signatory and its agent on
the Account, effective June 2, 2014; and (2) add Arthur Osten, Jr. as a signatory and agent for the Village
on the Account, 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 David Niemeyer to serve as a signatory and agent
of the Village on the Account, effective June 2, 2014.
Section 3: Authorization to be a Signatory and Agent. The President and Board of Trustees
hereby authorize and appoint Arthur Osten, Jr. to serve as a signatory and Agent for the Village on the
Account effective upon passage and approval of this Resolution in the manner provided by law.
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 2014-Fl-BNKSRV-R-1372
Brokerage Account Authorization
Page 2 of 2
APPROVED THIS 27th day of May, 2014.
Gopal G. Lalmalani
Village President
PASSED THIS 27th day of May, 2014.
Ayes:
Nays:
Absent:
ATTEST:
Charlotte K. Pruss
Village Clerk