DESIGNATING DEPOSITORIES FOR VARIOUS FUNDS OF THE TOWN OF BERLIN
WHEREAS, the Town Council of the Town of Berlin, Alabama, has convened a regular meeting at 7:00 PM on the 16th day of July, 2018;
BE IT RESOLVED by the Town Council of the Town of Berlin, in the State of Alabama, that all banks and savings and loan associations in Cullman County which are recognized by the State of Alabama as Qualified Public Depositories are hereby designated as suitable depositories for funds of the Town;
BE IT FURTHER RESOLVED that all warrants, drafts, and checks drawn on the account of the Town of Berlin shall be signed by two of the persons designated herein as signatories; that the Mayor and Town Clerk be and they are hereby designated as signatories and authorized to execute all warrants, drafts and checks drawn upon the accounts of the Town of Berlin; and that the Mayor Pro Tem of the Town Council be and is hereby designated as signatory and authorized to execute such warrants, drafts, and checks in the event of the absence or incapacity of either the Mayor or Town Clerk;
BE IT FURTHER RESOLVED that the Mayor and/or the Town Clerk are hereby authorized:
1. To open new accounts at the various depositories and to transfer funds from one depository to another.
2. To invest funds in certificates of deposits or authorized federal securities, and to reinvest or withdraw these funds as necessary.
3. To require collateral to be pledged to secure town funds; to release or accept collateral securities as the circumstances warrant and to execute collateral agreements.
4. To take any further actions necessary to safeguard the funds of the Town.
ADOPTED BY THE TOWN COUNCIL this the 16th day of July, 2018.