HomeMy WebLinkAboutCC RESO 96-112RESOLUTION NO, 96-112
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF NATIONAL CITY
AUTHORIZING THE BANK OF AMERICA TO TRANSFER
MONIES FROM THE CITY'S MAIN CONCENTRATION
ACCOUNT TO THE CITY'S PAYROLL AND WARRANT ACCOUNTS
WHEREAS, the City of National City has a main concentration account with the
Bank of America National Trust and Savings Association ("the Bank") where all of the City's
checking account monies are deposited; and
WHEREAS, the City additionally has a payroll account and a warrant account,
known as "Zero Balance Accounts," from which checks and warrants are issued to pay City
employees and vendors; and
WHEREAS, under the current system, when payroll and vendor checks and
warrants are issued, a check is issued from the main concentration account and deposited into
the payroll or warrant account, to cover the exact amount of the checks and warrants; and
WHEREAS, the Bank has recommended that instead of transferring monies by
issuance of a check, that the Bank make a direct transfer of monies from the main concentration
account to the payroll and warrant accounts.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
National City that the Bank of America National Trust and Savings Association is authorized
to debit Concentration Account No. 01719-80200 for all overdrafts created by the City in
checking accounts commonly known as "Zero Balance Accounts."
BE IT FURTHER RESOLVED that said authorization shall be limited to checks
and warrants as shall normally be debited to a checking account.
BE IT FURTHER RESOLVED that the City shall at all times maintain a sufficient
balance in Concentration Account No. 01719-80200 to offset the aggregate dollar amount of
checks and warrants paid against its Zero Balance Accounts.
PASSED and ADOPTED this 16th day of July, 1996.
A'1°1hST:
Lori Anne Peoples, ity Cslerk
APPROVED AS TO FORM:
gat: ar
George I1 Eiser, III
City Attorney
George H. Waters, Mayor