Repository: UIHistories Project: Board of Trustees Minutes - 1994 [PAGE 320]

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308

BOARD OF TRUSTEES

[June 8

Excess balances in the depository account are currently swept daily to a short-term investment account at FNBS. Close this account and open a new account at FNBS under the name "University of Illinois at Springfield" with the UI FEIN. This banking relationship will be reviewed periodically by the Office of Cash Management and Investments. Accordingly, the vice president and comptroller recommends that authority be given to establish these bank accounts for the purpose described above with the First National Bank of Springfield, that the following resolution be adopted, and that the comptroller be authorized to renew this agreement with FNBS on an annual basis subject to the availability of funds. The accounts would become active on July 1, 1995. I concur.

Resolution

Be It Resolved, that the Comptroller of the Board of Trustees of the University of Illinois ("University") is authorized, instructed and directed to open and keep bank accounts with the First National Bank of Springfield ("Bank"), a national banking association located at Springfield, Illinois, in the name and for the use of the University, and to deposit in said Bank to the credit of the University from time to time, any and all moneys and checks, drafts, bills of exchange, interest coupons, and other deposit items and until otherwise ordered said Bank be and hereby is authorized to make payment from the funds of the University on deposit with it upon and according to the check or direction of the University; Be It Further Resolved, that the Comptroller of the Board of Trustees is authorized from time to time upon such terms and conditions as the Comptroller may deem advisable, to designate in writing to the Bank those officers, employees, and other agents of the University authorized to sign any and all checks, drafts, and orders, including orders or directions in informal or letter form, against any funds or accounts at any time standing to the credit of the University with the Bank, and that the Bank is authorized to honor any and all individual order of any such person or persons signing the same, without further inquiry or regard to the authority of said person or persons or the use of the checks, drafts or orders or the proceeds thereof; Be It Further Resolved, that the Bank as a designated depository of the University be and it (including its correspondent banks) is hereby requested, authorized, and directed to honor checks, drafts, and other orders for the payment of money drawn in the University's name, including those drawn to the individual order of any person or persons whose name or names appear thereon as signer or signers thereof, when bearing or purporting to bear the facsimile signatures, whether reproduced manually, mechanically or otherwise, of the Chair and the Secretary of the Board of Trustees, jointly, and the Bank shall be entitled to honor, and to charge the account of the University for, such checks, drafts, or other orders for the payment of money, regardless of by whom or by what means the actual or purported facsimile signature or signatures thereon may have been affixed thereto, if such signature or signatures resemble the facsimile specimens of such signature(s) certified to or filed with the Bank by or on behalf of the University and if said documents are properly issued by the Board of Trustees of the University of Illinois; Be It Further Resolved, that the Comptroller of the Board of Trustees is authorized from time to time to designate in writing to the Bank those officers, employees, and other agents of the University authorized to issue written, telephonic, electronic, or oral instructions with respect to the transfer of funds of the University on deposit with the Bank (or otherwise transferable by the Bank), by wire or otherwise, without any written order for the payment of money being issued with respect to such transfer, and, for and on behalf of the University, to enter into such agreements with