VLCT Property and Casualty Intermunicipal Fund, Inc. Board of Directors Meeting
Friday, June 25, 2021
Directors Present: Carl Rogers, Neal Fox, Aaron Frank, Dave Atherton, Stuart Hurd, Patrick Moreland, Jared Cadwell, Jerry Storey, Erik Wells, Bryan Young and Rob Gaiotti
Staff Present: Seth Abbene, Joe Damiata, Fred Satink, Jeremiah Breer and Kelley Avery
President Rogers called the meeting to order at 9:01 a.m.
Joe Damiata requested adding a discussion with Jeremiah Breer on documentation required from US Bank under Other Business on the agenda.
Upon motion (Fox/Atherton) duly adopted, the board voted unanimously to approve the agenda.
Upon motion (Fox/Moreland) duly adopted, the board voted unanimously to approve the minutes of the May 21, 2021 meeting.
Chief Financial Officer Seth Abbene noted that with Mike Gilbar’s retirement, signatories require updating and submitted a Banking Resolution for board approval. This resolution gives the Executive Director and CFO the authority to execute banking agreements. The resolution also Changes the designated signers so that they are associated by position, rather than specific names. The new authorized signers designated on this resolution are the Executive Director, Chief Financial Officer, Deputy Chief Financial Officer, Director of Risk Management Services, and the Manager of Property and Casualty Claims.
Upon motion (Frank/Cadwell) duly adopted, the board voted unanimously to approve the Banking Resolution as presented.
Mr. Abbene explained recommended updates to a corporate lending resolution regarding the Trust’s $3 million line of credit with People’s United Bank. The updated resolution designates the Executive Director, Chief Financial Officer, Deputy Chief Financial Officer, and Director of Risk Management Services as authorized signers.
Upon motion (Hurd/Moreland) duly adopted, the board voted unanimously to approve the People's United Bank Lending Resolution as presented.
In other business, Jeremiah Breer explained that US Bank also requires a new Certificate of Incumbency, but the bank does not require any board action. US Bank only requires that the new certificate be signed by the Board Secretary, Aaron Frank, certifying the validity of the information. Mr. Breer simply wanted to inform the board of the normal procedure. He will send a copy of this certificate to Mr. Frank for his signature.
Also in other business, Jerry Storey expressed his sincere appreciation to Michael Gilbar for his many years of service and assistance to VLCT and wished him all the best in his retirement.
Upon motion (Storey/Hurd), duly adopted, the board voted unanimously to adjourn the meeting (9:16 a.m.).