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Council approves financial resolutions to use insurance proceeds and update authorized signatories
Summary
The council approved Resolution R2026-52 to use insurance proceeds and General Fund reserves to reduce internal repayment obligations and Resolution R2026-50 designating authorized signatories for depository accounts.
Under two administrative finance items, Council approved Resolution No. R2026-52, which authorizes the use of insurance proceeds and General Fund reserves to reduce internal repayment obligations owed to the City's self-funded Equipment Replacement Fund, and Resolution No. R2026-50, which designates authorized signatories for checks, warrants, vouchers and other disbursements from the City's depository accounts. Both resolutions were approved unanimously.
The transcript does not record the dollar amounts involved for the insurance proceeds or the precise list of authorized signatories; staff (P. Langford) presented the items and the council approved them as presented. Implementation will follow city finance procedures and any requirements from the depository bank.
