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HomeMy WebLinkAbout2017 CON CDC MUFG Bank dba Union Bank - Depository AgreementGeneral Depository Agreement U.S. Department of Housing and Urban Development OMB No, 2577-0075 Office of Public and Indian Housing Exp. 10/31/2017 This Agreement, entered into this 20 day of June , 2017 by and between Community Development Commission - Housing Authority of the City of National City (herein called the "HA"), a duly organized and existing public body corporate and politic of the State of California and MUFG Union Bank, N.A. (herein called the "Depository"), located at 1980 Saturn Street/V03-022, Monterey Park, CA 91755 Witnesseth: Whereas, the Department of Housing and Urban Development (herein called "HUD") has entered into one or more contracts (herein called the "Contract" with the HA for the purpose of providing financial assistance to develop and operate lower income housing projects, as authorized by the United States Housing Act of 1937, as amended (42 USC 1437, et seq.); and Whereas, under the terms of the Contract the HA is required to select as depositories of its funds, financial institutions whose deposits or accounts are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Share Insurance Fund (NCUSIF) as long as this Agreement is in force and effect. Now Therefore, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows: 1. The deposits and accounts of the Depository shall continue to be insured by the FDIC Corporation or NCUSIF. 2. All monies deposited by the HA with the Depository shall be credited to the HA in a separate interest bearing deposit or interest bearing accounts, designated Account Number 2740031549 Accounts" (herein the "Accounts"). Any portion of HA Funds not insured by a Federal insurance organization shall be fully (100%) and continuously collateralized with specific and identifiable U.S. Government or Agency securities prescribed by HUD in a notice. Collateralization is required on a daily basis at the end of the business day. Such securities shall be pledged and set aside in accordance with applicable law or Federal regulations. The HA shall have possession of the securities (or the HA will take possession of the securities) or an independent custodian (or an independent third party) holds the securities on behalf of the HA as a bailee (evidenced by safe keeping receipt and a written bailment for hire contract) and will be maintained for the full term of deposit. The Depository may substitute other securities as collateral to equal or increase the value. If the HA is an agency of an Indian tribe, the collateral shall be in United States bonds and otherwise as may be prescribed for public funds by the United States Secretary of the Treasury. 3. Except as stated in Paragraph 5, the Depository shall honor any (a) check or other order to pay from the Accounts, or (b) directive to purchase investment securities with monies from the Accounts or to sell securities, if such order or directive is in writing and signed on behalf of the HA by an officer or member designated by resolution of the Board of Directors of the HA to have such authority. To assist the Depository in its obligation, the HA shall furnish the Depository with a certified copy of the resolution. 4. Any securities received from the HA or purchased by the Depository with monies from the Accounts shall be considered to be a part of the Accounts and shall be held by the Depository in safe -keeping for the HA until sold. Interest on such securities and the proceeds from the sale thereof shall be deposited in the Account upon receipt. 5. If the Depository receives written notice from HUD that no withdrawals by the HA from the Accounts are to be permitted, the Depository shall not honor any check or other order to pay from the Accounts or directive to purchase or sell securities, or permit any withdrawals by the HA from said Accounts until the Depository is authorized to do so by written notice from HUD. 6. The Depository is not obligated to be familiar, and shall not be charged, with knowledge of the provisions of the Contract, and shall be under no duty to investigate or determine whether any action taken by either the HA or HUD in respect of the Accounts are consistent with or are authorized by the Contract or whether either HA or HUD is in default under the provisions of the Contract. The Depository shall be fully justified in accepting and acting on, without investigation, any certificate or notice furnished to it pursuant to the provisions of this Agreement and which the Depository shall in good faith believe to have been duly authorized and executed on behalf of the party in whose name the same purports to have been made or executed. Previous version obsolete Form HUD 51999 (10/2014) 7. The rights and duties of the Depository under this Agreement shall not be transferred or assigned by the Depository without the prior written approval of the HA and HUD. This Agreement may be terminated by either party hereto upon thirty days' written notice to the other party, and HUD. The rights and duties of the Depository hereunder shall not be transferred or assigned nor shall this Agreement be terminated during any period in which the Depository is required to refuse to permit withdrawals from the Accounts as provided in Paragraph 5. 8. HUD is intended to be a third party beneficiary of this Agreement and may sue to enforce its provisions and to recover damages for failure to carry out its terms. 9. The Depository shall provide the HA with remote, electronic access to the Accounts for the purpose of monitoring the crediting or depositing of any monies in the Accounts. 10. The provisions of this Agreement may not be modified by either Party without the prior written approval of HUD. 11. Strike this paragraph if inapplicable: Previous General Depository or Savings Depository Agreements, if any, entered into between the Depository and the HA are hereby terminated and all monies and securities of the HA on deposit with or held by the Depositories pursuant to the terms of said Agreement shall continue to be held for account of the HA pursuant to and in accordance with the provisions of this Agreement. 12. For use only in certain States that have statutes that prohibit HAs from implementing paragraph 2. Strike this paragraph if paragraph 2 applies: At no timc shall thc HA Funds in thc Account3 be permitted to exceed thc amount insured by Federal deposit insurance (hcrcin thc "Insured Amount"). At any Such timc a3 thc amount of funds in thc Account3 reach thc Insured Amount, whether by thc accrual of interest or otherwise, thc Dcpo3itory 3ha11 promptly, a3 dircctcd by thc HA, and in an amount Sufficient to limit thc fund3 in thc Account3 to thc Insured Amount, cithcr: (a) remit payment to the HA or, (b) on behalf of the HA, purchase Securities approved for investment by thc HA. Such 3ccuritic3 Shall n t be considered to bc a part of the Acc unt pursuant to Paragraph 4 here f but shall be held by the Dcpo3itory as custodian or trustee for thc HA in a separate account established for that purpose by the Deposit ry (herein the "Sccuritic3 Account"). The Securities Account Shall bc designated Income or othcr pr cccds from securities held in thc Securities Account Shall, as dircctcd by the HA, upon receipt, be paid to or on behalf of the HA; provided, however, that such proceeds shall, to thc extent consistent otherwise HUD pur3uant to Paragraph 5 hereof that no withdrawals by thc HA from the Acc unt3 arc to bc permitted, the Dcp 3itory shall not honor any directive fr m the HA t Sell securities, or permit any withdraws by the HA, fr m the Securities Account until the Dcpo3itory i3 authorized to do so by written noticc from HUD. During the pendency f Such restricti n3 on thc Acc unt3 and the Securities Acc unt, thc Dcpo3itory, except a3 dircctcd in writing by HUD, Shall not remit any payment to the HA for thc purp 3C of limiting the am unt f fund3 in the Account to thc Insured Amount but Shall instead purchase 3ccuritic3 approved f r investment by the 1-IA and hold Such securities in thc Sccuritic3 Account. 13. Notice required under the terms and conditions of this agreement shall be deemed to have been given when it made by: , on behalf of CDC - Housing Authority of National City Title Ron Morrison, Chairman Organization PHA) , on behalf of MUFG Union Bank, N.A. Title Organization (Depository) , on behalf of Title Organization (HUD) Notice shall be made in writing. Notice may be delivered in person, by United States Postal Service mail, by receipted commercial mail delivery, by facsimile machine or other electronic means that clearly identifies the sender as one of the persons so authorized in this paragraph. Notice shall be considered immediate if delivered not later than 2:00 p.m. local bank time. Notice received by 2:00 p.m. local bank time shall be implemented by the Depository by 5:00 p.m. on the business day on which the notice was deemed received by the Depository's designee referenced above. Notice delivered after 2:00 p.m. local bank time shall be considered received and effective at the opening of the following business day. Business day means every day except Saturdays, Sundays and federal holidays. Previous version obsolete Form HUD 51999 (10/2014) In Witness Whereof, the HA and the Depository have caused this Agreement to be executed in their respective names and their respective seal to be impressed hereon and attested as of the date and year first above written. HA (SEAL) ATTEST By Chairmai A on Morrison Secretary Leslie Deese Depository By (SEAL) ATTEST: Previous version obsolete Form HUD 51999 (10/2014) RESOLUTION NO. 2017 — 55 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION - HOUSING AUTHORITY OF THE CITY OF NATIONAL CITY AUTHORIZING THE CHAIRMAN TO EXECUTE A GENERAL DEPOSITORY AGREEMENT BETWEEN THE CDC -HA AND MUFG UNION BANK, NA ("UNION BANK") AND ANY OTHER RELATED BANKING DOCUMENTS REQUIRED TO ALLOW DEPOSITS OF HOUSING CHOICE VOUCHER PROGRAM FUNDS FROM THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT INTO THE CITY'S UNION BANK ACCOUNT, AND AUTHORIZING CLOSING THE CDC-HA'S WELLS FARGO BANK ACCOUNT WHEREIN HOUSING CHOICE VOUCHER PROGRAM FUNDS ARE CURRENTLY DEPOSITED WHEREAS, previous incompatibility of the Housing Choice Voucher Program's (the "HCVP's") housing assistance payment software with Union Bank's payment system prevented the HCVP from processing housing assistance payments to participating landlords from a Union Bank account; and WHEREAS, the Community Development Commission -Housing Authority of the City of National City ("CDC -HA") established a Wells Fargo account to accept deposits of Housing Choice Voucher Program funds from the United States Department of Housing and Urban Development ("HUD") and processed the payments; and WHEREAS, the HCVP's software has recently been updated and is now compatible with Union Bank's system, rendering the Wells Fargo account unnecessary. NOW, THEREFORE, BE IT RESOLVED that the the Community Development Commission -Housing Authority of the City of National City hereby authorizes the Chairman to execute a General Depository Agreement between the CDC -HA and MUFG Union Bank, NA, and any other related banking documents required to allow deposits of Housing Choice Voucher Program funds from the United States Department of Housing and Urban Development into the City's Union Bank account. BE IT FURTHER RESOLVED that the Community Development Commission - Housing Authority of the City of National City hereby authorizes closing the CDC-HA's Wells Fargo account wherein Housing Choice Voucher Program funds are currently deposited. PASSED and ADOPTED this 20th day of June, 7. on Morrison, Chairman ATTEST: APPROVED AS TO FORM: Leslie Deese, Secretary A rris-Jones General Counsel Passed and adopted by the Community Development Commission -Housing Authority of the City of National City, California, on June 20, 2017 by the following vote, to -wit: Ayes: Commissioners Cano, Mendivil, Morrison, Rios, Sotelo-Solis. Nays: None. Absent: None. Abstain: None. AUTHENTICATED BY: RON MORRISON Chairman, Housing Authority Secretary, Housing Authority By: Deputy I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of RESOLUTION NO. 2017-55 of the Community Development Commission -Housing Authority of the City of National City, California, passed and adopted on June 20, 2017. Secretary, Housing Authority By: Deputy CITY OF NATIONAL CITY, CALIFORNIA COMMUNITY DEVELOPMENT COMMISSION -HOUSING AUTHORITY COUNCIL AGENDA STATEMENT MEETING DATE: June 20, 2017 AGENDA ITEM NO. 50 ITEM TITLE: Resolution of the Community Development Commission -Housing Authority of the City of National City ("CDC -HA") authorizing the Chairman to: 1) execute a General Depository Agreement between the CDC -HA and MUFG Union Bank, NA ("Union Bank") and any other related banking documents required to allow deposits of Housing Choice Voucher Program funds from the United States Department of Housing and Urban Development into the City's Union Bank account and 2) close the CDC-HA's Wells Fargo account into which Housing Choice Voucher Program funds are currently deposited. PREPARED BY: Arnold Ocana, Senior Accountant DEPARTMENT: Finance APPROVED BY: ' * Z PHONE: 619-336-4342 � EXPLANATION: Previous incompatibility of the Housing Choice Voucher Program's (the "HCVP's") housing assistance payment software with Union Bank's payment system prevented the HCVP from processing housing assistance payments to participating landlords from a Union Bank account. Therefore, the CDC -HA established a Wells Fargo account to accept deposits of Housing Choice Voucher Program funds from the United States Department of Housing and Urban Development (HUD) and process the payments. The HCVP's software has been updated and is now compatible with Union Bank's system, rendering the Wells Fargo account unnecessary. With this agenda item, staff is requesting authorization for the Chairman of the CDC -HA to execute all documents required to close the CDC-HA's Wells Fargo account and allow Housing Choice Voucher Program `ands from HUD to be deposited into the City's Union Bank account. FINANCIAL STATEMENT: APPROVED: ,,- Finance ACCOUNT NO. APPROVED: MIS N/A ENVIRONMENTAL REVIEW: This is not a project and, therefore, not subject to environmental review. ORDINANCE: INTRODUCTION: FINAL ADOPTION: STAFF RECOMMENDATION: Adopt the resolution, authorizing the Chairman to execute all documents required to allow deposits of Housing Choice Voucher Program funds from the United States Department of Housing and Urban Development into the City's Union Bank account and close the CDC-HA's Wells Fargo account into which Housing Choice Voucher Program funds are currently deposited. BOARD / COMMISSION RECOMMENDATION: NA ATTACHMENTS: 1. HUD General Depository Agreement T3. HUD Form 1199A - Direct Deposit Sign -Up Form . Resolution General Depository Agreement U.S. Department of Housing and Urban Development OMB No, 2577-0075 Office of Public and Indian Housing Exp. 10/31/2017 This Agreement, entered into this 20 day of June , 2017 by and between Community Development Commission - Housing Authority of the City of National City (herein called the "HA"), a duly organized and existing public body corporate and politic of the State of California and MUFG Union Bank, N.A. (herein called the "Depository"), located at 1980 Saturn StreetNO3-022, Monterey Park, CA 91755 Witnesseth: Whereas, the Department of Housing and Urban Development (herein called "HUD") has entered into one or more contracts (herein called the "Contract" with the HA for the purpose of providing financial assistance to develop and operate lower income housing projects, as authorized by the United States Housing Act of 1937, as amended (42 USC 1437, et seq.); and Whereas, under the terms of the Contract the HA is required to select as depositories of its funds, fmancial institutions whose deposits or accounts are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Share Insurance Fund (NCUSIF) as long as this Agreement is in force and effect. Now Therefore, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows: 1. The deposits and accounts of the Depository shall continue to be insured by the FDIC Corporation or NCUSIF. 2. All monies deposited by the HA with the Depository shall be credited to the HA in a separate interest bearing deposit or interest bearing accounts, designated Accounts" (herein the "Accounts"). Any portion of HA Funds not insured by a Federal insurance organization shall be fully (100%) and continuously collateralized with specific and identifiable U.S. Government or Agency securities prescribed by HUD in a notice. Collateralization is required on a daily basis at the end of the business day. Such securities shall be pledged and set aside in accordance with applicable law or Federal regulations. The HA shall have possession of the securities (or the HA will take possession of the securities) or an independent custodian (or an independent third party) holds the securities on behalf of the HA as a bailee (evidenced by safe keeping receipt and a written bailment for hire contract) and will be maintained for the full term of deposit. The Depository may substitute other securities as collateral to equal or increase the value. If the HA is an agency of an Indian tribe, the collateral shall be in United States bonds and otherwise as may be prescribed for public funds by the United States Secretary of the Treasury. 3. Except as stated in Paragraph 5, the Depository shall honor any (a) check or other order to pay from the Accounts, or (b) directive to purchase investment securities with monies from the Accounts or to sell securities, if such order or directive is in writing and signed on behalf of the HA by an officer or member designated by resolution of the Board of Directors of the HA to have such authority. To assist the Depository in its obligation, the HA shall furnish the Depository with a certified copy of the resolution. 4. Any securities received from the HA or purchased by the Depository with monies from the Accounts shall be considered to be a part of the Accounts and shall be held by the Depository in safe -keeping for the HA until sold. Interest on such securities and the proceeds from the sale thereof shall be deposited in the Account upon receipt. 5. If the Depository receives written notice from HUD that no withdrawals by the HA from the Accounts are to be permitted, the Depository shall not honor any check or other order to pay from the Accounts or directive to purchase or sell securities, or permit any withdrawals by the HA from said Accounts until the Depository is authorized to do so by written notice from HUD. 6. The Depository is not obligated to be familiar, and shall not be charged, with knowledge of the provisions of the Contract, and shall be under no duty to investigate or determine whether any action taken by either the HA or HUD in respect of the Accounts are consistent with or are authorized by the Contract or whether either HA or HUD is in default under the provisions of the Contract. The Depository shall be fully justified in accepting and acting on, without investigation, any certificate or notice furnished to it pursuant to the provisions of this Agreement and which the Depository shall in good faith believe to have been duly authorized and executed on behalf of the party in whose name the same purports to have been made or executed. Previous version obsolete Form HUD 51999 (10/2014) 7. The rights and duties of the Depository under this Agreement shall not be transferred or assigned by the Depository without the prior written approval of the HA and HUD. This Agreement may be terminated by either party hereto upon thirty days' written notice to the other party, and HUD. The rights and duties of the Depository hereunder shall not be transferred or assigned nor shall this Agreement be terminated during any period in which the Depository is required to refuse to permit withdrawals from the Accounts as provided in Paragraph 5. 8. HUD is intended to be a third party beneficiary of this Agreement and may sue to enforce its provisions and to recover damages for failure to carry out its terms. 9. The Depository shall provide the HA with remote, electronic access to the Accounts for the purpose of monitoring the crediting or depositing of any monies in the Accounts. 10. The provisions of this Agreement may not be modified by either Party without the prior written approval of HUD. 11. Strike this paragraph if inapplicable: Previous General Depository or Savings Depository Agreements, if any, entered into between the Depository and the HA are hereby terminated and all monies and securities of the HA on deposit with or held by the Depositories pursuant to the terms of said Agreement shall continue to be held for account of the HA pursuant to and in accordance with the provisions of this Agreement. 12. For use only in certain States that have statutes that prohibit HAs from implementing paragraph 2. Strike this paragraph if paragraph 2 applies: Amount, whether by thc accrual of interest or otherwise, thc Dcpo iter s"a" promp`ly, as difeete` by `ho H , a :d in an amount sufficient to limit the funds in thc Aceetmtt to the I rsored Ai eent, dither: (a) romit payment to the considered to be a part of the Aeeount pursuant to Paragr-aah 4 hereof but shall bo held by the Depositorya3 "Securities Account"). The Securities Aoeeeet-shall be designated Income or thcr proceeds from securities held in the Securities Account shall, a3 directed by the HA, upon receipt, 41UD-pui of-thut,nrarigitl�uvrtel . .. . r ._.._____mot__. �t__ri♦ ___7 L,.1.] streh-aeetir-ities-iii-the-geetifities-Areeetwit, 13. Notice required under the terms and conditions of this agreement shall be deemed to have been given when it made by: Chairman , on behalf of City of National City PHA Title , on behalf of Title , on behalf of Organization PHA) MUFG Union Bank, N.A. Organization (Depository) Title Organization (HUD) Notice shall be made in writing. Notice may be delivered in person, by United States Postal Service mail, by receipted commercial mail delivery, by facsimile machine or other electronic means that clearly identifies the sender as one of the persons so authorized in this paragraph. Notice shall be considered immediate if delivered not later than 2:00 p.m. local bank time. Notice received by 2:00 p.m. local bank time shall be implemented by the Depository by 5:00 p.m. on the business day on which the notice was deemed received by the Depository's designee referenced above. Notice delivered after 2:00 p.m. local bank time shall be considered received and effective at the opening of the following business day. Business day means every day except Saturdays, Sundays and federal holidays. Previous version obsolete Form HUD 51999 (10/2014) In Witness Whereof, the HA and the Depository have caused this Agreement to be executed in their respective names and their respective seal to be impressed hereon and attested as of the date and year first above written. HA (SEAL) ATTEST: By Ron Morrison Chairman Michael Della Secretary Depository By (SEAL) ATTEST: Previous version obsolete Form HUD 51999 (10/2014) Standard Form 1199A (EG) (Rev. August 2012) Prescribed by Treasury Department Treasury Dept. Cir. 1076 To sign up for Direct Deposit, the payee is to read the back of this form and fill in the information requested in Sections 1 and 2. Then take or mail this form to the financial institution. The financial institution will verify the information in Sections 1 and 2, and will complete Section 3. The completed form will be returned to the Government agency identified below. • A separate form must be completed for each type of payment to be sent by Direct Deposit. OMB No. 1510-0007 DIRECT DEPOSIT SIGN-UP FORM DIRECTIONS • The claim number and type of payment are printed on Government checks. (See the sample check on the back of this form.) This information is also stated on beneficiary/annuitant award letters and other documents from the Government agency. • Payees must keep the Government agency informed of any address changes in order to receive important information about benefits and to remain qualified for payments. SECTION 1 (TO BE COMPLETED BY PAYEE) A NAME OF PAYEE (last, first, middle initial) CDC OF THE CITY OF NATIONAL CITY D TYPE OF DEPOSITOR ACCOUNT K CHECKING SAVINGS E DEPOSITOR ACCOUNT NUMBER ADDRESS (street, route, P.O. Box, APO/FPO) 1243 National City Blvd. CITY STATE ZIP CODE National City CA 91950 F TYPE OF PAYMENT (Check only one) • Social Security • Fed. Salary/Mil. Civilian Pay ■ Supplemental Security Income • Mil. Active TELEPHONE NUMBER AREA CODE • Railroad Retirement • Mil. Retire ■Civil Service Retirement (OPM) ■Mil. Survivor B NAME OF PERSONS ENTITLED TO PAYMENT ( ) • VA Compensation or Pension Li Other HCVP - HAP's Pmts (specify) C CLAIM OR PAYROLL ID NUMBER Prefix Suffix G THIS BOX FOR ALLOTMENT OF PAYMENT ONLY (if applicable) TYPE AMOUNT PAYEE/JOINT PAYEE CERTIFICATION I certify that I am entitled to the payment identified above, and that I have read and understood the back of this form. In signing this form, I authorize my payment to be sent to the financial institution named below to be deposited to the designated account. JOINT ACCOUNT HOLDERS' CERTIFICATION (optional) I certify that I have read and understood the back of this form, including the SPECIAL NOTICE TO JOINT ACCOUNT HOLDERS. SIGNATURE DATE SIGNATURE DATE SIGNATURE DATE SIGNATURE DATE SECTION 2 (TO BE COMPLETED BY PAYEE OR FINANCIAL INSTITUTION) GOVERNMENT AGENCY NAME CDC OF THE CITY OF NATIONAL CITY GOVERNMENT AGENCY ADDRESS 1243 NATIONAL CITY BLVD. NATIONAL CITY, CA 91950-4301 SECTION 3 (TO BE COMPLETED BY FINANCIAL INSTITUTION) NAME AND ADDRESS OF FINANCIAL INSTITUTION ROUTING NUMBER CHECK DIGIT DEPOSITOR ACCOUNT TITLE FINANCIAL INSTITUTION CERTIFICATION I confirm the identity of the above -named payee(s) and the account number and title. As representative of the above -named financial institution, I certify that the financial institution agrees to receive and deposit the payment identified above in accordance with 31 CFR Parts 240, 209, and 210. PRINT OR TYPE REPRESENTATIVE'S NAME SIGNATURE OF REPRESENTATIVE TELEPHONE NUMBER DATE Financial institutions should refer to the GREEN BOOK for further instructions. THE FINANCIAL INSTITUTION SHOULD MAIL THE COMPLETED FORM TO THE GOVERNMENT AGENCY IDENTIFIED ABOVE. NSN 7540-01-058-0224 GOVERNMENT AGENCY COPY 1199-207 Designed using Perform Pro, WHS/DIOR, Mar 97 RESOLUTION NO. 2017 — RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION - HOUSING AUTHORITY OF THE CITY OF NATIONAL CITY AUTHORIZING THE CHAIRMAN TO EXECUTE A GENERAL DEPOSITORY AGREEMENT BETWEEN THE CDC -HA AND MUFG UNION BANK, NA ("UNION BANK") AND ANY OTHER RELATED BANKING DOCUMENTS REQUIRED TO ALLOW DEPOSITS OF HOUSING CHOICE VOUCHER PROGRAM FUNDS FROM THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT INTO THE CITY'S UNION BANK ACCOUNT, AND AUTHORIZING CLOSING THE CDC-HA'S WELLS FARGO BANK ACCOUNT WHEREIN HOUSING CHOICE VOUCHER PROGRAM FUNDS ARE CURRENTLY DEPOSITED WHEREAS, previous incompatibility of the Housing Choice Voucher Program's (the "HCVP's") housing assistance payment software with Union Bank's payment system prevented the HCVP from processing housing assistance payments to participating landlords from a Union Bank account; and WHEREAS, the Community Development Commission -Housing Authority of the City of National City ("CDC -HA") established a Wells Fargo account to accept deposits of Housing Choice Voucher Program funds from the United States Department of Housing and Urban Development ("HUD") and processed the payments; and WHEREAS, the HCVP's software has recently been updated and is now compatible with Union Bank's system, rendering the Wells Fargo account unnecessary. NOW, THEREFORE, BE IT RESOLVED that the the Community Development Commission -Housing Authority of the City of National City hereby authorizes the Chairman to execute a General Depository Agreement between the CDC -HA and MUFG Union Bank, NA, and any other related banking documents required to allow deposits of Housing Choice Voucher Program funds from the United States Department of Housing and Urban Development into the City's Union Bank account. BE IT FURTHER RESOLVED that the Community Development Commission - Housing Authority of the City of National City hereby authorizes closing the CDC-HA's Wells Fargo account wherein Housing Choice Voucher Program funds are currently deposited. PASSED and ADOPTED this 20th day of June, 2017. Ron Morrison, Chairman ATTEST: APPROVED AS TO FORM: Leslie Deese, Secretary Angil P. Morris -Jones General Counsel