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Submitting a Proposed Substitute Resolution to File #14-0266
PROPOSED RESOLUTION
AUTHORIZED signatories
WHEREAS, the FOREST PRESERVE DISTRICT OF COOK COUNTY (the "Preserves") has authorized various banks as depositories of its accounts;
WHEREAS, from time to time, the Preserves may also seek to open lines of credit or purchase appeal bonds from various insurers, bond companies or other institutions to cover the costs of judgments against the Preserves in the event the Preserves, upon Board approval, decides to appeal such judgments;
WHEREAS, the various banks that serve as depositories of the Preserves' accounts require the manual or facsimile signature of duly elected or appointed Officers of the Preserves for the warrants, checks drafts or other orders on these accounts;
WHEREAS, the various insurers, bond companies and other institutions with whom the Preserves may seek to open a line of credit or from whom the Preserves may seek to purchase an appeal bond may require the manual or facsimile signatures of duly elected or appointed Officers of the Preserves in order to allow the Preserves to establish lines of credit or purchase appeals bonds;
WHEREAS, from time to time, based on changes in Preserves personnel, it is necessary to advise banks, insurers, bond companies and other institutions of changes to the list of elected or appointed Officers of the Preserves who are authorized to sign on behalf of the Preserves in order to allow the Preserves to issue checks, warrants or other orders with respect to Preserves bank accounts; establish lines of credit; or purchase appeals bonds;
WHEREAS, upon approval, this Resolution shall supersede Resolution No. 12-R-06, which was approved by the Board of Commissioners of the Preserves on May 2, 2012;
THEREFORE, BE IT RESOLVED that, as of May 2030, 2014, the manual or facsimile signatures of any three of the following officers shall appear on all lines of credit opened; appeal bonds purchased; or warrants, checks, drafts or other orders drawn on the bank accounts or other accounts of the Preserves:
PRESIDENT, TONI PRECKWINKLE
GENERAL SUPERINTENDENT, ARNOLD RANDALL
CHIEF FINANCIAL OFFICER, MARK THOMAS
ACTING TREASURER, MARK THOMAS TIMOTHY HICKS*
provided, however, that one signature must be that of either the Treasurer or the Chief Financial Officer.
BE IT FURTHER RESOLVED that the banks, insurers, bond companies, sureties or other institutions authorized as lenders, depositories, or sureties of the Preserves shall be entitled to honor and to charge the Preserves, for such lines of credit, appeal bonds, warrants, checks, drafts or other orders whenever such documents shall be signed manually or by facsimile by any three of the following six officers of the Preserves:
PRESIDENT, TONI PRECKWINKLE
GENERAL SUPERINTENDENT, ARNOLD RANDALL
CHIEF FINANCIAL OFFICER, MARK THOMAS
ACTING TREASURER, MARK THOMAS TIMOTHY HICKS
provided, however, that one signature is that of the Treasurer or Chief Financial Officer.
*In the absence of a Chief Financial Officer for the Preserves, the President has named Timothy Hicks to be the Acting Treasurer of the Preserves.
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