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R-630 - 09/28/1994 - FINANCE - Resolutions C0'3©CORPORATE AUTHORIZATION RESOLUTION eerai►ft.Ar .T By: Vi11M Of Oak Brook 1200 Oak Brook Rd sAMr«N Oak Brook Il 60521 2203 it:nr.ftoo«+a zM c.a.I A. I, Linda -K. G o n n e l l a ,Certify that 1 am Secretary(dark)of the above narrated corporation organized under the laws of IZ12 ss ,F-derW Employer I.D.Number 36-6009534 ,engaged in business V under the trade awns of Village pf, QAk Brook ,and that the fgnowing is a correct copy of-resolutions adopted at a meeting of the Board of Directors of this corporation duly and properly called and held on September 13, 1994 ,These resolutions appear in the minutes of this meeting and hour not been rescinded or modified. 3. Be It resolved that, (1)The Financial Institution named above is designated as a depository for the funds of this corporation. (2)This resolution shall continue to have effect until express written notice of its rescission or modification has been received and recorded by this Financial Institution. (3)An transactions,if any, with respect to any deposits, withdrawals, rediscounts and borrowings by or on behalf of this corporation with this Financial Institution prior to the adoption of this resolution are hereby ratified,approved and confirmed. (4)Any of the persons named below.so long as they act in a representative capacity as agents of this corporation, are authorized to make any it and all other contracts, agreements, stipulations and orders which they'may down advisable for the effective exercise of the powers indicated below, from time to time with.this Financial Institution, concerning funds deposited in this Financial Institution, moneys borrowed from this Financial Institution or any other business transacted by and between this corporation and this Financial Institution subject to any restdotiors stated below. (5}Any aed afi prior resolutions adopted by the Board of Director of this corporation and certified tq this Financial Institution as governing the operation of this corporation`s aCOOUnt(s),era in fuH foroe and affect,unless supplemented or modified by Ws authorization. (t3!This corporation agrees to the tears and conditions of any account presment, grope�y opened by any.authorized rapressntativets) of this Corporation, and authorizes this Financial institution r'iennsd above, at arey tirrr+,to Charge fife corporation for aU checks,drafts,or other orders, for the payment of money.that are drawn on this Financia!Institution, regaraess of by whom or by what means the facsimiles signatu (s) may htaw been affixed so long as tMy resemble the facskdis signature specimens in section >;. ter the facsimile signature spacinans that this corporation file:-with this Finsndal institution from ttms to time)and cgntn the required number of signatures for this purpose. ;i C. •ff indicated,any person rested below(subject to any expressed restrictions)is authorized to: Name and Title Signature Facsimile SS' nature (A) Karen M. Bushy, Village President (B) Darrell J. Langlois, Finance Officer/ (C) Treasurer r, Indicate A.B.C and/or D _ 4 A,B , ..,t. (1)Exercise all of the powers listed in(2)through(6). (2)Open any deposit or checking account(s)in the name of this corporetian. (3)Endorse checks and orders for the payment of money and withdraw funds on deposit with this Financial Institution. ii Number of authorized signatures required for this purpose (4)Borrow money on behalf and in the name of this corporation,sign, execute and deliver promissory notes or other evidences of indebtedness. •. Number of authorized signatures required for this purpose (5)Endorse, assign, transfer, mortgage or pledge bills receivable, warehouse receipts, bills of lading, stocks, bonds. red estate or other property now owned or hereafter owned or acquired by this corporation as security for sums borrowed, and to discount the same, unconditionally guarantee payment of all bills received, negotiated or discounted and to waive demand,presentment,protest,notice of protest and notice of non-payment. Number of authorized signatures required for this purpose (6)Enter into written lease for the purpose of renting and maintaining a Safe Deposit Box in this Financial Institution. !i i Number of authorized persons required to gain access and to terminate the isase D. 1 further certify that the Board of Directors of this corporation has,and at the time of adoption of this resolution had,full power and lawful authority to adopt the foregoing resolutions and to confer the powers panted to the persons named who have fun power and lawful authority to exercise the same. ' I In Witness Whereof,1 have hereunto subsaibed my name and affixed the saai of this corporation on IMPRIt!YT September 28, 1994 SEAL Attest by One Other Officer Sssratary O/s1s WW WA oya ws,INC.,or.CLOW.MN least ItA00ia7•Ait1!r011M1 C/r1 itflslss Me/e/of it i A VILLAGE OF OAK BROOK �i 1200 OAK BROOK ROAD r OAK BROOK, ILLINOIS 60521-2255 it 708 990-3000 II �i Date: September b, 1994 To: Village President and Board of Trustees From: Darrell Langlois 'I Recommendation: That the Village President and Board of Trustees approve the attached resolution changing the self-insurance account at Oak Brook Bank from a money market account to a checking account. The self-insurance account .at Oak Brook Bank is currently set up as an interest bearing money market account. However, due to this being a money market account we are limited as to the number of wire transfers we can do on.a monthly basis. During so m e months we are required to make more ,than the number of wire transfers allowed in order to properly fund our insurance claims. Thus, I am recommending that this account be changed to a checking account. Several months ago, in order to increase the yield that we are receiving on idle self-insurance funds, we opened an IPTIP account which now holds all. excess funds. The checking account that we are recommending is not interest bearing. However, only a small account balance will be maintained and we will maximize it our earnings on the funds by properly utilizing IPTIP. Please feel free to contact me if you have any questions or comments. i ii u u i I I+ l I i I