AGENDA #4f

MEMORANDUM

TO:                  Mayor and Town Council

FROM:            Roger L. Stancil, Town Manager

SUBJECT:      Authority to Enter into Banking Transactions

DATE:            September 11, 2006

Because the Town has a new Manager, we are required by our primary bank to provide a new resolution authorizing personnel to enter into banking transactions.  The attached resolution would provide that authorization.

BACKGROUND AND DISCUSSION

The Town of Chapel Hill hired a new Manager beginning on September 1, 2006, and so the Town needs to change the signatories for each of the Town’s SunTrust Banking accounts.  The attached resolution would authorize the following personnel to sign, act, give instructions, access information, use SunTrust’s services, perform transactions, enter into agreements and delegate authority on behalf of the Town of Chapel Hill:

Roger L. Stancil          Town Manager

Florentine A. Miller    Deputy Town Manager

Bruce A. Heflin          Assistant Town Manager

Kay Johnson               Finance Director

RECOMMENDATION

We recommend that the Council adopt the attached resolution.