VILLAGE OF TAOS SKI VALLEY

RESOLUTION NO. 01-48

PERTAINING TO THE

DEPOSITORY OF VILLAGE FUNDS

A RESOLUTION CONCERNING THE DEPOSITORY OF VILLAGE FUNDS

          WHEREAS, Section 6-10-36 NMSA 1978, “Public money deposits of certain governmental units; distribution; interest” provides for the deposits of funds of a governmental unit;

          NOW, THEREFORE BE IT RESOLVED by the governing body of the Village of Taos Ski Valley, New Mexico (hereinafter referred to as the Village) that:

1.Centinel Bank of Taos, New Mexico (hereinafter referred to as the Bank) is hereby designated as a depository for the funds of the Village, and any signatory listed below is hereby authorized to open or cause to be opened an account or accounts with the Bank, to endorse or cause to be endorsed, in the name of the Village and to cash, to negotiate or to deposit or cause to be deposited in such account or accounts, any money, checks, drafts, orders, notes and other instruments for the payment of money, and to make any other agreements deemed advisable in regard thereto.

2.Checks, drafts or other withdrawal orders issued against the funds of the Village on deposit with the Bank may be signed by the Mayor, members of the Village Council, Village Administrator, Village Clerk, Deputy Village Clerk and/or Operations Manager/Director of Public Works. Checks, drafts or other withdrawal orders over $1000.00 will require two authorized signatures. Checks, drafts or other withdrawal orders $1000.00 or less will require only one authorized signature. The Bank is hereby fully authorized to pay and charge to the account of the Village any checks, drafts or other withdrawal orders, so signed, including those payable to the individual order of the person signing the same and including also checks or other withdrawal orders payable to the Bank or to any other person or corporation, which are applied in payment of any indebtedness owing to the Bank from the person or persons who signed such checks or other withdrawal orders.

3.This resolution shall continue in force until express written notice of its rescission or modification has been furnished to and received by the Bank.

4.Any of the persons above named be and they hereby are authorized and empowered to make any and all other contracts, agreements, stipulations and orders which they may deem advisable, from time to time, with the Bank in respect to transactions between the Village and the Bank in regard to funds deposited in the Bank and other business transacted by and between the Village and the Bank.

PASSED, ADOPTED AND APPROVED this 22nd day of May, 2001.

THE VILLAGE OF TAOS SKI VALLEY

_______________________

J. Christopher Stagg, Mayor

I, Kenneth K. Shuey, P.E., do hereby certify that I am the Clerk / Treasurer of the Village of Taos Ski Valley, a municipal corporation formed under the laws of the State of New Mexico, and that the above is a true, complete and correct copy of Resolution 01-48 adopted at a meeting of the Village Council of the Village, duly and properly called and held on the 22nd day of May, 2001; that a quorum was present at said meeting; that said resolution is set forth in the minutes of said meeting and have not been rescinded or modified.

I further certify that the Village Council of the Village has, and at the time of adoption of said resolution had, full power and lawful authority to adopt the foregoing resolution and to confer the powers therein granted to the persons named who have full power and lawful authority to exercise the same.

In Witness Whereof, I have hereunto subscribed my name and affixed the seal of the Village this 22nd day of May, 2001.

____________________________________

Kenneth K. Shuey, P.E., Clerk / Treasurer

Vote: For 4 Against 0