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BYLAW - Authorization Sign Cheques Banking - 20160510 - 585816THE CORPORA TION OF THE TO WN OF A URORA By-law Number 5858-16 BEING A B Y-LA W to provide for persons authorized to sign cheques and other banking related authorities on behalf of the Town. WHEREAS paragraph 3 of subsection 11(2) of the Municipal Act, 2001, S.O. 2001, c. 25, as amended (the "Act") provides that a lower -tier municipality may pass by-laws, subject to the rules set out in subsection (4), respecting the financial management of the municipality and its local boards; AND WHEREAS section 23.1 of the Act provides that without limiting sections 9, 10 and 11, a municipality may delegate its powers and duties under this or any other Act to a person or body subject to the restrictions set out therein; AND WHEREAS section 287 of the Act provides that a municipality may provide that the signatures on a cheque of the municipality be mechanically or electronically reproduced; AND WHEREAS the Council of The Corporation of the Town of Aurora (the "Town") at its Council meeting of May 10, 2016, adopted the recommendations arising from Council Report No. CFS16-019 and provided direction to staff to prepare a replacement by-law to establish cheque signing, electronic funds transfer, and other banking related authorizations; NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWN OF AURORA ENACTS AS FOLLOWS: 1. THAT all cheques issued by the Town upon the Town's general bank account shall require two (2) signatures and shall be signed: (a) firstly, by any one (1) of the following officers or employees of the Town: i. the Treasurer; or ii. the Manager of Accounting & Revenues — Deputy Treasurer; or iii. the Manager of Financial Planning — Deputy Treasurer; (b) and secondly, by any one (1) of the following officials, officers or employees of the Town: i. the Mayor; or ii. the Deputy Mayor; or iii. the Acting Mayor; or iv. the Chief Administrative Officer; or V. the Town Solicitor; or vi. the Town Clerk; or vii. the Director of Parks, Recreation & Cultural Services; or viii. the Director of Corporate & Strategic Services. 2. THAT the signature of any of the persons authorized to sign cheques under paragraph 1 of this By-law may be written or engraved, lithographed, printed or otherwise mechanically or electronically reproduced on cheques issued by the Town upon the Town's general bank account provided that the said cheques are in amounts less than Fifty Thousand Dollars ($50,000.00). By-law Number 5858-16 Page 2 of 4 3. THAT all electronic payments for the payment of vendors through the Accounts Payable system issued by the Town upon the Town's general bank account shall be authorized internally prior to transmission of the electronic file in the following two (2) stages: (a) firstly, by any one (1) of the following officers or employees of the Town: i. the Treasurer; or ii. the Manager of Accounting & Revenues — Deputy Treasurer; or iii. the Manager of Financial Planning — Deputy Treasurer; (b) and secondly, by any one (1) of the following officials, officers or employees of the Town: i. the Mayor; or ii. the Deputy Mayor; or iii. the Acting Mayor; or iv. the Chief Administrative Officer; or V. the Town Solicitor; or vi. the Town Clerk; or vii. the Director of Parks, Recreation & Cultural Services; or viii. the Director of Corporate & Strategic Services. 4. THAT all pre -authorization documents for singular or recurring out -bound electronic payments by the Town upon the Town's general bank account shall be authorized in two (2) stages: (a) firstly, by any one (1) of the following officers or employees of the Town: i. the Treasurer; or ii. the Manager of Accounting & Revenues — Deputy Treasurer; or iii. the Manager of Financial Planning — Deputy Treasurer; (b) and secondly, by any one (1) of the following officials, officers or employees of the Town: i. the Mayor; or ii. the Deputy Mayor; or iii. the Acting Mayor; or iv. the Chief Administrative Officer; or V. the Town Solicitor; or vi. the Town Clerk; or ix. the Director of Parks, Recreation & Cultural Services; or X. the Director of Corporate & Strategic Services. 5. THAT all electronic payments for recurring payroll through the Town's payroll system issued by the Town upon the Town's general bank account shall be authorized internally prior to transmission of the electronic file in two (2) stages: (a) firstly, by any one (1) of the following officers or employees of the Town: i. the Payroll Co-ordinator; or ii. the Accounting Supervisor; (b) and secondly, by any one (1) of the following officers or employees of the Town: the Treasurer; or By-law Number 5858-16 Page 3 of 4 ii. the Manager of Accounting & Revenues — Deputy Treasurer; or iii. the Manager of Financial Planning — Deputy Treasurer. 6. THAT the Treasurer or his/her designate be and is hereby authorized to establish business relationships, accounts, and enter into agreements on behalf of the Town with investment brokers or financial institutions for the purposes of purchasing, trading, and holding financial investments as deemed appropriate by the Treasurer or his/her designate from time to time. 7. THAT the purchase of financial investments and all wire transfers of funds from the Town's general bank account shall be made only to the benefit of those investment brokers or financial institutions pre -approved in writing with the Town's lead bank. The execution of any necessary or ancillary documents required to perform any of the actions set out in this paragraph shall be signed in the same manner as provided for in paragraph 1 of this By-law. 8. THAT with respect to the actual purchase of investment transactions, the transaction shall be approved in writing in two (2) stages, and using the secured wire payments facility of the Town's lead bank, as follows: (a) firstly, by any one (1) of the following officers or employees of the Town: i. a Financial Analyst; or ii. the Manager of Financial Planning — Deputy Treasurer; (b) and secondly, by any one (1) of the following officers or employees of the Town: i. the Treasurer; or ii. the Manager of Accounting & Revenues — Deputy Treasurer; or iii. the Manager of Financial Planning — Deputy Treasurer; and the same person may not approve any subject transaction in both stages. 9. THAT with respect to the purchase of foreign currency payment instruments, the request to the bank for preparation of same shall be approved by any one (1) of the following officers or employees of the Town: (a) the Treasurer; or (b) the Manager of Financial Planning — Deputy Treasurer. 10. THAT other than those transactions specifically addressed in this By-law, the Treasurer or his/her designate be and is hereby authorized to sign any and all agreements, documents, or authorizations related to minor payments from the Towns general bank account, provided such transaction does not exceed Five Thousand Dollars ($5,000.00), and is properly documented as to purpose, and provided that such payment is not made to an employee of Financial & Procurement Services. 11. THAT the Treasurer or his/her designate be and is hereby authorized to sign any and all agreements, documents, or authorizations related to conducting or facilitating the Town's day to day transactions and activities for banking with the Town's approved bank, any investment agency, any credit card company or payments processing facility, software vendor, or any other payments facilitator which is a participant to the Canadian banking system. The changing of approved banks for the general banking services of the Town is not authorized herein. By-law Number 5858-16 Page 4 of 4 12. THAT if determined to be necessary by the Treasurer, the Treasurer or his/her designate be and is hereby authorized to open bank accounts to the credit of the Town with the Town's approved bank, provided that a report to Council is made within thirty (60) days thereafter. 13. THAT the Treasurer or his/her designate be and is hereby authorized to electronically or otherwise transfer funds amongst any of the Town's bank accounts at anytime to properly manage the financial interests of the Town. 14. THAT the provisions of this By-law shall come into full force and effect upon final passage hereof, at which time By-law Number 5614-14 and all previous By-laws, portions of By-laws, and/or resolutions that are inconsistent with the provisions of this By-law are hereby repealed or rescinded insofar as it is necessary to give effect to the provisions of this By-law. READ A FIRST AND SECOND TIME THIS 10t`' DAY OF MAY, 2016. READ A THIRD TIME AND FINALLY PASSED THIS 1 e DAY OF MAY, 2016. Approved as to Fonn QGEbFFREY ®AWE, MAYOR �gyLe,y Services Signature Date:.--—= j l LISA LYONS OWN CLERK (ACTING)