AGENDA #4e
TO: Roger L. Stancil, Town Manager
FROM: Kay Johnson, Finance Director
SUBJECT: Authority to Enter into Banking Transactions
DATE: October 23, 2006
Because the Town has a new manager, we are required by our banks to provide a new resolution authorizing personnel to enter into banking transactions. The attached resolution would provide that authorization.
The Town of Chapel Hill hired a new manager beginning on September 1, 2006. On September 11, 2006, the new manager was authorized as a signatory for all transactions with the Town’s primary bank. We need to formally authorize the new manager to sign banking documents for all preexistent banking relationships. The attached resolution would authorize the new manager to sign, act, perform transactions, and otherwise fulfill the requirements of outstanding banking obligations on behalf of the Town of Chapel Hill.
We recommend that the Council adopt the attached resolution.