125.03 ELECTRONIC BANKING TRANSFER REQUESTS.
   (a)   The City Treasurer is authorized to give instructions orally, including by telephone, and electronically to designated depository/depositories to make money transfers by wire or by similar means in any amount from any account of the City of Canton, to any other account(s) at the depository/depositories, or at any other financial institution, person, partnership, corporation, public agency or association.
   (b)   The City Treasurer is further authorized:
      (1)    To delegate the foregoing authority to designated employees of the Treasurer, hereinafter referred to as "designated caller(s)". Such delegation shall be accomplished by delivering to depository/depositories a letter or other written notice signed by the City Treasurer listing the name and title or position of such designated caller(s).
      (2)    To revoke authority granted to any designated caller(s). Such revocation shall be accomplished by delivering the depository/depositories a letter or other written notice signed by the City Treasurer listing the name and title or position of such designated caller(s).
      (3)    To execute such agreement(s) or document(s) by and between the City and the depository/depositories, and all renewal amendments thereto, regarding money transfers which are satisfactory to both the City Treasurer and depository/depositories. These agreement(s) or document(s) shall be on file in the Council and City Auditor's office. The agreement(s) or document(s) shall at a minimum contain the following:
         A.    The agreement of the depository to handle in an expeditious manner all wire transfer requests received, regardless of whether received by letter, telephone or electronic terminal access. Use of telephone access, however, must be followed at a reasonable interval by a written confirmation of such action by the City.
         B.    In repetitive transfer requests, the agreement of the depository to transfer moneys on the verbal authority of a previously designated caller to a designated depository and to a designated account within the depository without implementation of call back provisions. The designations herein referred to must be in written form, presented to the depository no less than twenty-four hours in advance. For purposes of this section, repetitive transfers are defined as structured wire transfers or electronic transfers which occur on a frequent basis and are preauthorized to be transferred under specific terms, conditions and guidelines which do not require specific confirmation action.   
         C.    In nonrepetitive transfer requests, the agreement of the depository to transfer moneys under the terms and explicit instructions of a previously designated caller of the City. "Nonrepetitive transfer" means unstructured wire or electronic transfers which do not occur on a frequent basis and are not preauthorized and require specific confirmation action. The depository furthermore is responsible for the initiation of such verification actions which have been established and which are agreed upon by and between the City and the depository. As a minimum requirement to this agreement, verification procedures shall provide for:
            1.    The completion of a third party call back procedure on telephone requests.
            2.    The performance of a signature verification procedure on written requests.
            3.   The performance of authentication procedures as they apply to terminal access transfers.
            4.   The rejection of terminal access transfers which are expressly prohibited under nonrepetitive transfer provisions.
            5.    The performance of actions required to comply with written instructions of persons authorized by the City Treasurer to perform nonrepetitive transfer transactions.
         D.    The agreement of the depository to pay penalties for failure to transmit moneys or properly credit accounts as directed by written or other instruction of the City. Minimum penalties shall be established at a rate of the financial institution's posted prime rate on the date of infraction plus one percent (1%) additional interest and computed on a 360-day basis from the expected date of receipt to the date on which the proper posting of a credit to the City account occurs. Additional penalties may be assessed as agreed upon by and between the City and financial institution.
            (Ord. 187-88. Passed 7-18-88.)