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HomeMy WebLinkAboutTR 24/97 r, ~A}L~C 0 - ~~ OF PIC :;O~ ~ :l:il: ~ .. FROM: Gillis A. Paterson Director of Finance t= GENERAL MANAGER I~~~_~IVED 0 tel.; :3, / I rilE- NO. !1::-EiF."y- TO: REPORT TO COUNCILl-=---_. rwo/copy TO J H,.I'()II . ----,-./---.- . I .-.---- .-. . n j-. t ':OIINCIL , _~,~I~_I/'i.i.': (:. _', ._ ~'_~j ~;iIJjJ~- - .'.l:': . i .1 ", ~NNING , '. ; . 'l ) if t : ,t ! ---'. ---~ DATE: Decem_ber,~&~1~ REPORTNU~~~~;/~.T~~~;~~~ t=11 --.".-' CII".T. CARE_L " L. L-:-.-:-'. __ , -----1-.1 SUBJECT: Banking and Financial Authorities RECOMMENDATION: It is recommended that: 1. Resolution number 187/93 (Attachment 1) be repealed; 2. 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 affairs and banking of the Town, including, but not limited to, those items and activities indicated in Attachment 2, Section (a); and 3. the Mayor, Director of Finance, Treasurer, Deputy Treasurer and Manager of Accounting 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); 4, the appropriate officials of the Town of Pickering be authorized to give effect thereto, AUTHORITY: Municipal Act, R.S.O. 1990, as amended. FINANCIAL IMPLICATIONS: .- Adoption of the recommendations by Council will have no direct financial consequences. Current costs of conducting the financial affairs of the Corporation will not change. BACKGROUND: Resolution number 187/93 was passed by Council at its meeting on September 20, 1993. It provided for signing officers and banking authorities with only the Canadian Imperial Bank of Commerce (C.LB.C.). December 17, 1997 Report to Council #TR 24/97 - 2 - Discussion: Since that time, positions in the Finance Department have changed as has the financial community and the legislative authorities. Adoption of the recommendations by Council will update the signing authorities by adding the Director of Finance and by allowing the incumbent to undertake banking and financial activities that are necessary to the business of the Town under the best terms and conditions. ATTACHMENTS: (1) Resolution number 187/93 (2) Revised Banking and Financial Authority ~e~ -- ~- Gillis A. Paterson GAP Ijt Copy: General Manager " .. .'... ". : ~ ." " ,.. ,. . , De~ember 17. 1997 Report to Council RTR 24/97 Page 1 of 2 ~;. ,..,~, " . ~. i I \ \ I c c (. ATTACHMENT 1 'J' .... '.<.~ ~;,.':tr7.\: :;::.: i.:....' ',. MEllO!'. "1 TOWN OF rIC~ERING " " ~,' That the Executive Committee of the Town of Pickering having met on september 13, 1993, pre Dent. it. eleventh report to Council and recommendol 1. MONITORING DECISIONS OF COMMITTEE OF ADJUSTHENT AND LAND DIVISION COMMITTEE fILE NUHDER - D 2310 That the decieione of meetinge of July 21, Divieion Committee of rllc.iv.d. the Convnittee of Adjustment et its 1993 and Auquet 11,. 1993 and Land July 19, 1993 and Auguat 16, 1993 be 2. BANKING SIGNING OFFICERS FILE NUHDER - C 1000 ReBolvedl 1. That Canadian Imperial Bank of Convnurco ("CIDC.) 10 horoby appolntod tho banker of the Corporation. 2. That Treasurer, neputy Trealiluror, Hayor and Hanager-Treaoury ServiceD or any t\oiO ot ~hem is/ar.e hereby authorized for and on behalf ot the Corporation from time to timol al to make, oign, draw, accept, endorse, nogotiato, lodge, deposit or transfer all or any chcqueo, promissory notes, drafts, acr;eptanceo, billa of exchange, ordero for the payment of money, evidences of indebtedneos and contracto Cor lettero ot credit and lorward exchango, whether or not an overdraft is thereby created in any account ot tho Corporation} aloo to eXQcute any authority to any of ficer uf CIDC to accept and/or pay all or Bny urafto billa tho Corpol.alionl 41110 to OXDcutO noy Author lty to any of C leer ot CI JlC to accopt and/or p"y all or Any deaf to, billa of exchangD or promi.GDory notoD on baha 1 f ot tho Corporation; aloo to execute rccolptu for 4nd orders relating to any property ot tllO Corporation held by or on behalf of CIOC; b) to borrow money or otherwiso obta.in credit from . CIDC upon the credit of ths Corporation by way of loano, advances, overdratt or otherwloel c) to mortgage, Ilypothecate, charge, pledge, 408igo, transfer or otherwls8 creato A security intereot in or give oecurity under the Dank Act or othorwlo8 upon an}' or all currontly owned or oubooquontly acquirod real or poroonal, movablo or immovable property of the Corporation including book debts, ri9hte, pO\oiet"., franchisoo and undertaking to secure any presont or future indebtedne88 ot:, lLabilLty of the Corporation to CIDCI f' / ,:;.:. ',. ,',.. . ~~:~\:'>':" . :;t'~". ,,' \ ) o :) - .., December 17, 1997 Report to Council HTR 24/97 Attachment 1 Page 2 of 2 11/9J 2 d) to do all acts and" things and execute all documents requisite' to give security to eIDC whether by mortgage, hypothecation, charge, pledge, assignment, transfer or othorwioe, including, without limiting the .generality ot the foregoing, security upon accounto rocolvablo, b1l10, notes and othor negotlablo inotrumontol Docurltieo (ao dofined in the Bank Act), warehouoo roceipts, bills of lading, socurity under ooction 177 or under eection 178 of tho Dank ^ct, and mortgage oocurity under tho Dank Act, the National lIousing Act or any other Act1 and e) to execute CIDC'., form of Agreement as to the operation and verification of the accounts of the Corporation1 and also to execute any agreement witll or aut}lority to ClDe relating to the banking busineoo of tho Corporation whether gonerally or with regard to any particular. transaction (including, without limitation, CIBC'e Agreement r'e: Instruction and Information by Telephone and Fax, Form 5666). J. That lillY one of tho followir,'), 'J:r€:'~'Jrer, Deputy Treasurer, Ma}:or or Manager .... Treasury Serv lceo or anyone of the persona, montlonc:d in clause 2 hareof is hereby authorized for and on behalf of the CorporatIon from time to tima to negotiate or depooit with or tranofer to CIne (but for the credit of the Corporation' 0 account only) all or any cheques, promissory notes, drafts, acceptallces, bills of exchan90 And orders tor tllO payment of money, and for ouch purpose to draw, Dign or endoroe the Dame, or any of them, or to deliver the Dame, or any of them, to ClDC endorsed with tho name of the Corporation impreoscd tllcreon by a ru~ber otamp or alller device1 aloo' to receivo all paid chequeo AIld other debit vouchero chargod to any account ot the Corporation and to execute CIDe' B !ol."m of receipt therefore 4. That all act. and thing. dona and documento oxecutod on bohalf of tho Corporation aB hereinbefore authorized may be relied upon by CIDC and shall be v.lLlid and binding upon tho Corporation whether or not tho corporate Boal of ~he Corporation has been affixed to any Buctl document. 5. That tho Corporation Dhnll provide eloe with a copy of thio reoolution and a list cd tho nameo of thQ peroono authoriz.ed by thio resolution to do any act or thing, togethor will) spocimens of their oignatureo, to be .lLcted upon by each branch of Clue with which any dealings aro ha.d by the Corporation until notice to tho contrary or of any chango theroin hAS been given in wrltinq to the Manager or ^ctin~ Manager of ouch brAnell, I I i December 17, 1997 Report to Council #TR 24/97 ATTACHMENT 2 - TOWN OF PICKERING BANKING AND FINANCIAL AUTHORITY (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 belialf 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. -. (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. (c) 1. That anyone of the following, Director of Finance, Treasurer, Deputy Treasurer or Manager - Accounting Services is hereby authorized for and on behalf of the Corporation from time to time 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.