CC Resolution No. 7783
RESOIIJI'ION NO. 7783
A RESOIIJI'ION OF '!HE CITY CXXJNCIL OF '!HE CITY OF aJPERI'INO
AImIORIZING '!HE CITY MANAGER 'ro OBI'AIN A BANK CREDrr CARD
'ro BE USED RJRSUANT 'ro CITY BUSINESS
WHEREAS, the City Council of the city of D.Ipertino desires to
authorize that a credit card be issued to be used by the City Manager in
the con:1uct of city business;
NCM, THEREFORE, BE rr RESOLVED that the President of this
Corporation: City of CUpertino, be ani is hereby authorized ani empowered
for ani on behalf of ani in the name of this corporation ani as its
corporate act ani deed:
(1) 'Ib borrow money from Wells Fargo Bank, N. A. ("Bank") ani to assume
any liabilities of any other person or entity to Bank, in such fODll ani on
such te:rms ani con:litions as shall be agreed upon by those authorized
above ani Bank, ani to sign ani deliver such promissory notes ani other
evidences of :indebtedness for money borrowed or advanced and/or for
:indebtedness assumed as Bank shall require; such promissory notes or other
evidences of :indebtedness may provide that advances be requested by
telephone communication and by any officer, enployee or agent of this
corporation so long as the advances are deposited into this corporation's
deposit account with Bank; this corporation shall be bound to Bank and
Bank may rely upon any communication or act, including telephone
communications, purportin; to be done by any officer, enployee or agent of
this corporation provided that Bank believes, in good faith, that the same
is done by such person.
(2) 'Ib contract for issuance by Bank of letters of credit, to discount
with Bank notes, acceptances ani evidences of :indebtedness payable to or
due this corporation ani to en:iorse the same ani execute such contracts
ani instruments for repayment thereof to Bank as Bank shall require.
(3) 'Ib II'Ortgage, encumber, pledge, =wey, grant, assign, transfer and
deliver by such contracts ani instruments in writin; or othe!:wise, as may
be required by Bank, any of the property of this corporation to secure the
payment of any pramissory notes, contracts, instruments ani other
evidences of iniebtedness authorized hereby.
(4) 'Ib perfODll all acts ani execute and deliver all contracts and
instruments in writin; which Bank may deem necessary to carry out the
purposes of this resolution; provided that the aggregate principal amount
of all sums borrowed ani credits established pursuant to this resolution
shall not at any time exceed the sum of $2,500.00 outstarxling ani tu1paid.
Loans made pursuant to a special resolution ani loans made by offices of
Bank other than the office to which this resolution is delivered shall be
in addition to the foregoin; limitation. '!he authority hereby conferred
is in additon to that conferred by any other resolution heretofore or
herafter delivered to Bank.
RESOIIJI'ION NO. 7783
'!he authority hereby =nferred shall be deemed retroactive ani any ani all
acts authorized herein which were performed prior to the passage of this
resolution are herlJy approved ani ratified. '!his resolution shall
continue in full force ani effect until Bank shall have received notice in
writin;, certified by the Secretary of this coJ:pOration, of the revocation
hereof by a resolution duly adopted by the Board of Directors of this
corporation, ani such revocation shall be effective only as to credit
which was not extended or cormnitted by Bank prior to Bank's receipt of
such notice.
PASSED AND AOOPl'ED at a
city of D.Ipertino this 3rd
followin; vote:
regular meetin; of the City Council of the
day of Avril , 1989, by the
vote
Members of the City Council
AYFS:
Gatto, Johnson, Koppel, Plungy
NOES:
None
ABSENT:
Rogers
ABSTAIN:
None
A'ITEST:
APPROVED:
I~I Dorothy Cornelius
City Clerk
/s/ John J. Plungy, Jr.
Mayor, City of D.Ipertino