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TO: Mayor Robert J. O’Connor
FROM: Brian W. Caputo, Chief Financial Officer/City Treasurer
DATE: February 22, 2017
SUBJECT:
Signers on City Accounts with Banks and Other Financial Institutions
PURPOSE:
To facilitate the City Council’s adoption of the attached resolution that would serve to designate signers on city accounts with banks and other financial institutions.
BACKGROUND:
The city maintains accounts with a number of banks and other financial institutions. Financial institutions require that commercial customers declare representatives of their organizations as signers for the purpose of authorizing transactions. “Authorizing transactions” would include signing checks and wiring money. Governments are generally considered commercial customers.
On December 17, 2002, the Aurora City Council approved Resolution No. R02-629. This resolution served to designate the Mayor and the Director of Finance/City Treasurer as the primary authorized signers on city accounts with financial institutions. Furthermore, the resolutions empowered the Director of Finance to designate other city staff members to serve as signers as he/she deems necessary and appropriate for the proper management of city accounts.
DISCUSSION:
Resolution No. R02-629 needs to be updated in two respects. First, the resolution needs to reflect the current title of the head of the city’s Finance Department (i.e., Chief Financial Officer/City Treasurer). Also, the resolution needs to provide for the eventuality that an interim Chief Financial Officer/City Treasurer may be head of the city’s Finance Department for a time. The attached, proposed resolution would make these changes.
IMPACT STATEMENT:
Not applicable.
RECOMMENDATIONS:
That the City Council adopt the attached, proposed resolution that would serve to designate signers on city accounts with banks and other financial institutions.
CITY OF AURORA, ILLINOIS
RESOLUTION NO. _________
DATE OF PASSAGE ________________
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A Resolution Authorizing Signers On City Accounts With Banks And Other Financial Institutions.
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WHEREAS, the City of Aurora has a population of more than 25,000 persons and is, therefore, a home rule unit under subsection (a) of Section 6 of Article VII of the Illinois Constitution of 1970; and
WHEREAS, subject to said Section, a home rule unit may exercise any power and perform any function pertaining to its government and affairs for the protection of the public health, safety, morals, and welfare; and
WHEREAS, the City of Aurora maintains various accounts with banks and other financial institutions.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Aurora, Illinois, as follows:
SECTION 1: That the Mayor and Chief Financial Officer/City Treasurer (or interim Chief Financial Officer/City Treasurer) are hereby authorized to serve as signers on City accounts with banks and other financial institutions.
SECTION 2: That the Chief Financial Officer/City Treasurer (or interim Chief Financial Officer/City Treasurer) is hereby authorized to designate other City staff members to serve as signers on City accounts with banks and other financial institutions as he/she deems necessary and appropriate for the proper management of the accounts.
SECTION 3: That this resolution shall supersede City of Aurora Resolution No. R02-629.
PASSED AND APPROVED ON this 28th day of February 2017.
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AYES _____ NAYS _____ ABSENT _____
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Mayor
ATTEST:
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City Clerk