HomeMy WebLinkAboutResolution No. 2025-035R CITY OF CLERMONT
C� RESOLUTION NO.2025-035R
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CLERMONT, FLORIDA, APPROVING AND AUTHORIZING THE CITY
MANAGER TO EXECUTE DOCUMENTS WITH TD BANK, N.A., AND
ITS AFFILIATES, INCLUDING A NON-DISCRETIONARY ACCOUNT
AGREEMENT, FOR THE CITY TO OBTAIN A NEW CUSTODIAL BANK
ACCOUNT; PROVIDING FOR CONFLICT SEVERABILITY
ADMINISTRATIVE CORRECTION OF SCRIVENERS ERROR,
PUBLICATION AND AN EFFECTIVE DATE.
WHEREAS, in January 2025, the City approved a contract award with JPMorgan Chase
Bank, N.A. for bank depository services after an RFP process due to the expiration of a banking
services agreement with Fifth Third Bank on September 30, 2024; and
WHEREAS, most banking services have switched to JPMorgan Chase Bank, but Fifth
Third Bank still retains a custodial account;
WHEREAS,the City requires use of a third party custodian such as a high-quality,trusted
bank for its custodial account in order to safeguard assets of the City,which are used by the City's
broker for investments and to properly segregate such assets from the City's operational funds;
WHEREAS,the use of a third party custodian for these assets also adds a layer of control
and verification for the City that meets the approval of the City's auditors and is recognized as a
best practice;
WHEREAS, JPMorgan Chase Bank, the chosen vendor for banking services in January
2025, does not offer custodial bank account services and cannot accept the assets that the City has
retained with Fifth Third Bank after the expiration of its agreement with Fifth Third Bank;
WHEREAS, the City's Finance Department has identified and selected TD Bank, N.A.,
and its affiliates, as a qualified bank that is willing to offer the City a custodial bank account that
meets the City's needs; and
WHEREAS, this Resolution authorizes the City to obtain the custodial bank account at
TD Bank,N.A., and the execution of any documents reasonably necessary to obtain said account,
including the Non-Discretionary Account Agreement; and
NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Clermont,
Florida as follows:
SECTION 1:
The City directs its staff, including the City Manager and Finance Director, to open a custodial
bank account at TD Bank,N.A., and its affiliates, and authorize the City Manager or his designee
to execute such documents,including but not limited to the Non-Discretionary Account Agreement
and Investment Disclosure and Authorization,as may be reasonably necessary to obtain such bank
account, and to take all necessary measures to transfer and protect all City assets held in current
custodial account(s) to the new one at TD Bank,N.A.
CITY OF CLERMONT
Ca NT
Chcice d Champons RESOLUTION NO. 2025-035R
SECTION 2: CONFLICT
All resolutions or parts of resolutions in conflict with any of the provisions of this Resolution are
hereby repealed.
SECTION 3: SEVERABILITY
If any portion of this Resolution is declared invalid, the invalidated portion shall be severed from
the remainder of the Resolution, and the remainder of the Resolution shall continue in full force
and effect as if enacted without the invalidated portion, except in cases where such continued
validity of the remainder would clearly and without doubt contradict or frustrate the intent of the
Resolution as a whole.
SECTION 4: ADMINISTRATIVE CORRECTION
This Resolution may be re-numbered or re-lettered, and/or corrected for typographical and/or
scrivener's errors which do not affect the intent of said resolution, as authorized by the City
Manager or designee, without need of public hearing, by filing a corrected copy of same with the
City Clerk.
SECTION 5: PUBLICATION AND EFFECTIVE DATE
This Resolution shall be effective on September 9, 2025.
CITY OF CLERMONT
Chalcoolameptra RESOLUTION NO.2025-035R
DONE AND RESOLVED by the Mayor of the City Council of the City of Clermont,
Florida,this 9th day of September, 2025.
CITY OF CLERMONT
q• .)t
Tim Mu Ma r
ATTEST:
Tracy Ackroyd owe, MMC
City Clerk
Approved as to Form and Legality:
Christi W. Wau , City Attorney