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HomeMy WebLinkAboutFIN 22-15 C` 00 Report to "' ' ' Executive Committee PICKERING Report Number: FIN 22-15 Date: November 9, 2015 From: Paul Bigioni Director, Corporate Services & City Solicitor Subject: Banking and Financial Authorities Recommendation: 1. That Resolution # 144/99 be repealed; 2. That the Division Head, Finance & Treasurer be authorized and directed to undertake any and all activities, including the execution and signing of agreements and contracts, necessary to undertake, safeguard and ensure the financial affairs and banking of the City, including, but not limited to, those items and activities indicated in Attachment 2, Section A; 3. That the Mayor, Division Head, Finance & Treasurer, Deputy Treasurer, Manager, Accounting Services and Manager, Budgets & Internal Audit be named Signing Officers for the purposes of conducting the financial affairs and banking of the City of Pickering and that any two of them be authorized to undertake the activities outlined in Attachment 2, Section B and any one of them be authorized to undertake the activities outlined in Attachment 2, Section C; and 4. That the appropriate officials of the City of Pickering be authorized to take the necessary action to give effect hereto. Executive Summary: Not Applicable Financial Implications: Adoption of the recommendations by Council will have no financial consequences. Discussion: Resolution # 144/99 was passed by Council at its meeting on June 28, 1999. It provided for signing officers and banking authorities within the City. Since that time, positions in the Corporate Services Department, Finance Division have changed, thereby requiring an update to the appointments of the City's signing officers. Adoption of the recommendations by Council will update the signing authorities by adding the Manager, Budgets & Internal Audit and updating the Treasurer's title. Report FIN 22-15 November 9, 2015 Subject: Banking and Financial Authorities Page 2 Attachments: 1. Excerpt from Report FIN 14-99 and Approved at Council Meeting of June 28, 1999 2. Banking and Financial Authority Prepared By: Approved / Endorsed By: Kristine Senior Stan Karwowski Manager, Accounting Services Divisio -ad, Finance & Treasurer Paul Bigi.`h Director, e so .te Services & City Solicitor Recommended for the consideration of Pickering City Council .----------- - rU Od 26,, Z°/$ Tony Prevedel, P.Eng. Chief Administrative Officer ATTACHMENT# ` TO REPORT# x-- 15 Excerpt from Report FIN 14-99 and Approved at Council Meeting of June 28, 1999 Resolution #144/99 - Auoendix #1 Moved by Councilor Johnson Seconded by Councillor Pickles That the Report of the Executive Committee dated June 28, 1999'be adopted. Item 48. Auuendii-1 1. That the Director of Finance and Treasurer be authorized to recommend and approve project financing to the Mayor and Chief Administrative Officer for projects contained in the annual capital budget or current budget, during the 1999 summer • recess of Town Council; and • 2 That Resolution#466/97 (Attachment 1) be replaced; and 3. That the Director of Finance and Treasurer be authorized and directed to undertake any and all activities, including the execution and signing of agreements and contracts, necessary to undertake, safeguard and ensure the financial affairs and banking of the Town, including., but not limited to, those items and activities indicated in Attachment 2, Section(a); and 4. That the Mayor, Director of Finance and Treasurer, Deputy Treasurer, Manager of Accounting and Manager of Finance be named Signing Officers for the purposes of conducting the financial affairs and banking of the Town of Pickering and that any two of them be authorized to undertake the activities outlined in Attachment 2, Section(c); and • 5. That the appropriate officials of the Town of Pickering be authorized to give effect thereto. • • • • ATTACHMENT# TO REPORT# wad "'5 City of Pickering Banking and Financial Authority III Section A 1. Appoint the bankers of the Corporation, hereinafter referred to as "the bank" and any other financial institution. 2. To manage funds, including making investments under the appropriate legislation and Council approved Investment Policy, transferring funds, and borrowing money or otherwise obtaining credit from the bank or through another financial institution upon the credit of the Corporation by way of loans, advances, overdraft or otherwise. 3. To execute the bank's, financial institution's or lender's form of agreement as to the operation and verification of the accounts of the Corporation; and also to execute any agreement with or authority to same relating to the banking business of the Corporation whether generally or with regard to any particular transaction (including, without limitation, instruction and information by telephone and fax) such that all acts and things done and documents executed on behalf of the Corporation as hereinbefore authorized may be relied upon by the bank or other financial institution and shall be valid and binding upon the Corporation whether or not the corporate seal of the Corporation has been affixed to any such document. 4. To provide the bank or other financial institution with a copy of this resolution and a list of the names of the persons authorized by this resolution to do any act or thing, together with specimens of their signatures, to be acted upon by each branch of the bank with which any dealings are had by the Corporation until notice to the contrary or of any change therein has been given in writing to the Manager or Acting Manager of such branch. Section B 1. To make, sign, draw, accept, endorse, negotiate, lodge, deposit or transfer all or any cheques, promissory notes, drafts, acceptances, bills of exchange, orders and forward exchange, whether or not an overdraft is thereby created in any account of the Corporation; also to execute any authority to any officer of the bank to accept and/or pay all or any drafts or bills of the Corporation; also to execute any authority to any officer of the bank to accept and/or pay all or any drafts, bills of exchange or promissory notes on behalf of the Corporation; also to execute receipts for and orders relating to any property of the Corporation held by or on behalf of the bank or financial institution. 2. To mortgage, hypothecate, charge, pledge, assign, transfer or otherwise create a security interest in or give security under the Bank Act or otherwise upon any or all currently owned or subsequently acquired real or personal, movable or immovable property of the Corporation including book debts, rights, powers, franchises and undertaking to secure any present or future indebtedness or liability of the Corporation to the bank or other financial institution or lender. 3. To do all acts and things and execute all documents requisite to give security to the bank or other financial institution or lender whether by mortgage, hypothecation, charge, pledge, assignment, transfer or otherwise, including, without limiting the generality of the foregoing, security upon accounts receivable, bills, notes and other negotiable instruments, securities (as defined in the Bank Act), warehouse receipts, bills of lading, security under section 177 or under section 178 of the Bank Act, and mortgage security under the Bank Act, the National Housing Act or any other Act. Section C 1. To negotiate or deposit with or transfer to the bank or other financial institution (but for the credit of the Corporation's account only) all or any cheques, promissory notes, drafts, acceptances, bills of exchange and orders for the payment of money, and for such purpose to draw, sign or endorse the same, or any of them, or to deliver the same, or any of them, to the bank endorsed with the name of the Corporation impressed thereon by a rubber stamp or other device; also to receive all paid cheques and other debit vouchers charged to any account of the Corporation and to execute the bank's form of receipt therefor.