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Spearman ISD board approves resolution giving officials signing authority with Panhandle First Bank
Summary
At a Feb. 27 special session the Spearman ISD Board of Trustees approved a resolution authorizing designated district officers to sign financial and legal documents for accounts at Panhandle First Bank; the board required two signatures for transactions and approved the resolution 7-0.
The Spearman Independent School District Board of Trustees voted Feb. 27 to authorize designated district officers to conduct financial and legal transactions with Panhandle First Bank.
The resolution, adopted by a 7-0 vote after a motion by Trustee Dustin Mackie and a second from Trustee Abby Pipkin, names the positions authorized to sign on behalf of the district: the Spearman ISD School Board President, the School Board Secretary, the Superintendent, the Director of Finance and the Director of Human Resources. The resolution specifies that two signatures are required for checks and account withdrawals and remains in effect until revoked by a subsequent board resolution.
Board President Dr. Mark Garnett presided over the brief special session in which the resolution was introduced. The full text of the board resolution (Exhibit A) also authorizes the designated agents to open and close deposit accounts, sign checks and transfer funds on deposit, and to waive multiple-signature limitations where necessary for electronic formats accepted by the financial institution.
The motion to adopt the resolution was recorded in the minutes as carried 7-0. The action centralizes and clarifies routine financial authority for the district and identifies specific positions that may transact business with Panhandle First Bank.
