2010-01 Wells Fargo Bank Authorization Resolution 2010 -01
A RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF ENCINITAS
TO APPROVE AND IMPLEMENT THE WELLS FARGO BANK AUTHORIZATION
AGREEMENT FOR DIRECT PAYMENTS
WHEREAS, the Housing Authority of the City of Encinitas (Housing Authority) executed a
$1,905,338.00 business loan agreement with Wells Fargo Bank for the purchase of 16 units at the
Pacific Pines condominium development located at South El Camino Real in 2004.
WHEREAS; Wells Fargo Bank can set up a direct payment (ACH debit) to make the monthly
payment for the Housing Authority owned units from the City's commercial bank account.
WHEREAS, NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of
the Housing Authority, as follows:
I . That the above recitations are true and correct;
2. That the Housing Authority approves the Wells Fargo Bank Authorization Agreement
for Direct Payments (ACH debits) and Corporate Account Resolution: and,
3. That the Housing Authority does hereby authorize the Executive Director to take any
actions and execute any documents to create the corporate account and implement the
automatic transfer authorization for the ACH debit.
PASSED, APPROVED AND ADOPTED by the Board of Commissioners of the Housing
Authority this December 15, 2010.
4 —
Maggi ulihan, Chairperson
ATTEST:
Q,�_ L S2
Deborah Cervone, Secretary
CERTIFICATION
I, Deborah Cervone, Secretary of the Board do hereby certify that the forgoing Resolution was
adopted by the Board of Commissioners of the Housing Authority at the December 15, 2010
meeting by the following vote:
AYES: Barth, Gaspar, Houlihan, Stocks.
NAYS: None.
ABSENT: Bond
ABSTAINED: None.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal this
15ht day of December, 2010.
QLX.�
Deborah Cervone, Secretary
(SEAL)