RESOLUTION NO. 10819-011508

A RESOLUTION AUTHORIZING CONDITIONS OF

A PUBLIC DEPOSITS SECURITY AGREEMENT

WITH TRI-CITY NATIONAL BANK,

THROUGH JPMORGAN CHASE BANK, N.A. AS INTERMEDIARY

ON BEHALF OF THE CITY OF OAK CREEK

BY__________________________________________________

WHEREAS, Chapter 34, Wis. Stats. establishes the conditions and qualifications for public depositories, including financial institutions that act as investment and intermediary agencies for municipalities; and,

WHEREAS,  City of Oak Creek Resolution No. 10816-011508 has designated Tri-City National Bank (the “Bank”) as a public depository in which the funds of the City of Oak Creek (the “City”) may from time to time be deposited pursuant to Resolution 10816-011508 as adopted by the Common Council and provided to the Bank; and,

      WHEREAS, the City has notified the Bank that the City requires security for the accounts maintained with the Bank in the name of the City, and has accepted the terms of a Public Deposits Security Agreement, for Collateral Securing Public Deposits, pursuant to Sec. 34.07, Wis. Stats.; and,

      WHEREAS, the City adopts the following resolutions for the purpose of facilitating its request for security through terms of collateralization with the Bank, with JPMorgan Chase Bank. N.A. named as the intermediary and safe-keeping agent.

      NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Oak Creek, Wisconsin, that any one of the persons holding the offices of the City of Oak Creek designated in Resolution No. 10816-011508, which names public depositories of the City, is hereby authorized pursuant to Sec. 34.07, Wis. Stats., to accept such security and to execute such documents as said officer deems proper and necessary to secure the accounts of the City and to issue instructions regarding the same.  

      BE IT FURTHER RESOLVED THAT the City assumes full responsibility for the instructions from any of the persons designated in Resolution No. 10816-011508 regarding security for the accounts, notwithstanding any inconsistent requirements of the City not expressed in this resolution or Resolution No. 10816-011508, and that the City agrees to indemnify and hold harmless the Bank against any and all claims, demands, losses, costs, damages or expenses suffered or incurred by the Bank resulting from or arising out of any such action.

BE IT FURTHER RESOLVED THAT a certified copy of this resolution be delivered to Tri-City National Bank; the Bank may rely on this resolution until changed by lawful resolution and a certified copy of such resolution has been given to the cashier of the Bank.

Introduced at a regular meeting of the Common Council of the City of Oak Creek held this 15^th  day of January, 2008.

Approved this ____ day of ____________, 2008.

_________________________________________

President, Common Council

Passed and adopted this _____ day of ______________, 2008

______________________________________

Mayor

ATTEST:

 _________________________________ VOTE:   Ayes ____    Noes ____

City Clerk