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HomeMy WebLinkAboutFIN 14/99 - "'~ OF PIC ,;;Om." 1-% iE ~, ti ~ REPORT TO COUNCIL FROM: Gillis A. Paterson Director of Finance & Treasurer DATE: June 17,1999 REPORT NUMBER: FIN 14-99 SUBJECT: Authority [or the Director of Financc & Treasurer to Rccol1lmcnd Projcct Financing Approval During the 1999 Summer Recess of Council and Amendment to Signing Authorities RECOMMEND A nON: That the Executive Committee recommend to Council that: I. the Director of Finance & 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; 2. Resolution number 466/97 (Attachment I) be repealed; .- 3. 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); 4. 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 (b) and anyone of them be authorized to undertake the activities outlined in Attachment 2, Section (c); and 5. that appropriate officials of the Town of Pickering be authorized to give effect thereto. ORIGIN: Director of Finance & Treasurer AUTHORITY: 1999 Current and Capital Budgets - FINANCIAL IMPLICATIONS: Not applicable Report to Council FIN14-99 Date: June 17, 1999 - Subject: Authority for the Director of Finance & Treasurer to Recommend Project Financing Approval During the 1999 Summer Recess of Council Page 2 EXECUTIVE SUMMARY: Not applicable BACKGROUND: Project Financing Approvals arc prepared at the time of the award of the tender for the project and are approved by the Treasurer. Project Financing Approval FomlS will be prepared for all capital expenditure projects that are financed by all sources other than from current revenues. These sources of financing include development charges, reserve funds and the issuances of debentures. It is anticipated that these forms will begin accompanying reports to Council beginning later this year. Recommendation No. 1 of this report is to give the Director of Finance & Treasurer authority to issue Project Financing Approvals during the 1999 summer recess of Town Council for those projects for which the Mayor and Chief Administrative Officer will be awarding construction contracts. This recommendation is consistent with the policy approved for the summer recess period under Report No. CAO 04-99 of the Chief Administrative Officer granting him approval to award tenders under certain specific conditions. This recommendation provides for the approval of financing for any tenders so awarded. - Further to summer recess procedures it has become apparent that an additional individual should be added to our list of signing officers to improve efficiencies in day to day operations during times when staff shortages may occur. Therefore, we will be adding the position of Manager of Finance to our signing officers list. Recommendation No.2 repeals Resolution 466/97 in this regard passed under Report No. TR 24/97 of the Director of Finance in December 1997. Recommendation No.3 reinstates the original Recommendation of the Director of Finance and Treasurer. Recommendation No.4 adds the Manager of Finance to the list previously approved under Resolution 466/97. ATTACHMENTS: Resolution No. 466/97 Town of Pickering Banking and Financial Authority Prepared/Approved / Endorsed By: ~/~~~ Gillis A. Paterson Director of Finance & Treasurer - GAP:vw Attachments Recommended for the consideration of Pickering Town Council Thomas J. Quinn, Chief Administrative Officer ,-.. ",.... - ) ATTACHMEI\: I, I I L: itEPORT #E1tLJt.f-'"l9 ~~ OF PIC 1-...0 '~ liJ ~ ::r: z f- (j) " \ \ I RESOLUTION OF COUNCIL #466/97 DATE: DECEMBER 22,1997 MOVED nv: Councillor Dickerson SECONDED nv: Councillor nrenner That Resolution Number 187/93 be repealed; and That Treasurer's Report TR 24/97 be received; and That the Director of Finance 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 aITairs and banking of the Town, including, but not limited to, those items and activities indicated in Attachment 2, Section (a) to TreaSllrer's Report TR 24/97; and That the Mayor, Director of Finance, Treasurer, Deputy Treasurer and Manager of Accounting he named Signing Officers for the purposes of conducting the financial aITail's and banking of the Town of Pickering and that any two of them be authorized to lIndel.taJ<e the activities outlined in Attachment 2, Section (b) and anyone of them be authorized to undertake the activities outlined in Attachment 2, Section (c) to Treasurer's Report TR 24/97; and That the appropriate official of the Town of Pickering be authorized to give eITect thereto. (Signed) Wayne Arthurs MAVOR ~:_I~ , ..~,I: 1,'"1.0,, 10\\'11 Clerk CARRIED } - \ \ - - -\ ATTACHMENT 2 TOWN OF PICKERING BANKING AND FINANCIAL AUTHORITY (a) 1. Appoint the bankers of the Corporallon, 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 anolher financial institution upon the credit of the Corporation by way of loans, advances, overdrart 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 aels and things done and documents executed on bel\alf 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 Ihe Corporation has been affixed to any such document. 4. To provide the bank or other financial inslilution with a copy of Ihis 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 unlil notice to the contrary or of any change lherein has been given in writing 10 the Manager or Aeling Manager of such branch. (b) 1. To make, sign, draw, accept, endorse, negotiate, lodge, deposit or transfer all or any cheques, promissory notes, drafts, acceplances, bills of exch,ll1ge, 01 del'S and forw<lrd exch<lnge, whelher or not an overdraft is thereby created in any account of the Corporalion; also to execute any <lulhority to any officer of the bank to accept and/or pay all or any drafts or bills of the Corpor<ltion; 81so to execute any nulhority to any orricer of the bnnk to accept and/or pay all or any drafts, bills of exchange or promissory notes on behalf of the Corpor<llion; also to execute receipts for and orders relating to any property of the Corporation held by or on behalf of Ihe bank or Financial inslilulion. 2. To morlg8go, hypothecate, charge, pledge, assign, transfer or otherwise create a securlly inlerest in or give security under the Bank Act or otherwise upon any or all currently owned or subseC)uenlly acquired real or personal, mov8ble or immovable properly of the Corporation including book debls, rights, powers, franchises and underlaking to secure any present or luture indebtedness or liability of the Corporation 10 the bank or other financial institution or lender. 3. To do all acls and things and execute all documents requisite to give security to Ihe bank or olher financial inslilution or lender whether by mor1gage, hypothecation, charge, pledge, <lSSiUlIlllCnt, tr<lnsfer or otherwise, Including, without limiting the generalily of the foregoing, security upon accounls receivable, bills, notes and other negotiable instruments, securities (as defined in the Dank Act), warehouse receipts, bills of lading, security under section 177 or under seellon 178 of the Oank AeI, and mortgage security under the Oank Act, the Nalional Housing Act or any other Act. (c) 1. ThaI anyone of the following, Oireelor of Finance, Treasurer, Deputy Treasurer or Manager - Accounting Services Is hereby authorized for and on behalf of the Corporation from time to lime 10 negotiate or deposit with or transfer to the bank or other Financl'" inslilution (but for the credit of the Corporation's account only) all or any cheques, promissory notes, drafts, acceptances, bills of exchange and order~ for (he payment of money, and for such purpose to draw, sign or endorse Ihe same, or any of them, or 10 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 10 any accounl of Ihe Corporation and to execute the bank's form of receipt therefor.