Resolution No. 5330
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RESOLUTION NO. 5330
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF VERNON AUTHORIZING COLEN & LEE, INC. TO
ESTABLISH A CITY OF VERNON LIABILITY INSURANCE
TRUST ACCOUNT WITH FIRST INTERSTATE BANK OF
CALIFORNIA AND AUTHORIZING THE EXECUTION OF
CHECKS OR OTHER INSTRUMENTS NECESSARY FOR THE
ADMINISTRATION OF THE CITY OF VERNON GENERAL
AND AUTOMOBILE LIABILITY SELF-INSURANCE PROGRAM
WHEREAS, the City of Vernon wishes to establish a City
of Vernon Liability Insurance Trust Account; and
WHEREAS, Bruce V. Malkenhorst, City Administrator/City
Clerk has determined that said account should be established with
the First Interstate Bank of California.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF VERNON AS FOLLOWS:
SECTION 1: That First Interstate Bank of California is
hereby selected and designated as a depository of funds of the
City of Vernon and that such deposit account or accounts be
established and maintained by and in the name of the City of
Vernon and at such office or offices of the Bank and upon and
subject to such terms and conditions as the City Clerk may from
time to time agree upon with the Bank.
SECTION 2: That all checks, drafts, orders, receipts,
and other instruments drawn, accepted, or given by the City of
Vernon for payment from any such accounts or at any such office
be signed on behalf of the City of Vernon by the following named
persons:
BERNARD COLEN, President - Colen & Lee, Inc.,
Administrators
GARY LEE, Vice President - Colen & Lee, Inc.,
Administrators
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SECTION 3: That the Bank may accept for deposit or
collection any check, draft, order, or other instrument for the
payment of money, whether or not endorsed in the name of the City
of Vernon by written or stamped endorsement and with or without
designation or signature of the persons making such endorsement.
SECTION 4: That the Bank be and hereby is requested and
authorized to honor, receive, certify, or pay any such check,
draft, order, receipt, or other instrument signed or endorsed in
accordance with this Resolution and the certification then in
effect as provided for in this Resolution, including any thereof
presented for negotiation, encashment, or payment by, or drawn or
endorsed to the personal order of, any person signing or
endorsing the same.
SECTION 5: That the City Council of the City of Vernon
hereby approves the account agreement with First Interstate Bank
of California, a copy of which has been presented to the City
Council concurrently with this Resolution and the City Council
hereby orders said Agreement to be received and filed by the City
Clerk.
SECTION 6: That the City Council of the City of Vernon
hereby authorizes the City Clerk to execute said Agreement for,
and on behalf of, the City of Vernon.
SECTION 7: The City Clerk of the City of Vernon shall
certify to the passage of this Resolution and thereupon and
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thereafter the same shall be in full force and effect.
APPROVED AND ADOPTED this 7th day of October, 1986.
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BRUCE V. MALKENHOR T, City Clerk
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1 STATE OF CALIFORNIA )
) ss.
2 COUNTY OF LOS ANGELES )
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4 I, BRUCE V. MALKENHORST, City Clerk of the City of
5 Vernon, do hereby certify that the foregoing Resolution, being
6 Resolution No. 5330
, was duly adopted by the City Council of
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tl\~ City of Vernon, and was approved by the Mayor of said City
an adjourned
at }B{jregular meeting of the City Council held on Tuesday.
October 7 , 19 86 .
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BRUCE .. V. MALKENHORST.. Ci ty. .
Clerk
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