The Board of Directors (“Board”) of the Northeast Illinois Regional Commuter Railroad Corporation (“Corporation”) hereby authorizes the following persons to sign, make, draw or endorse on behalf of the Corporation any and all checks, notes, drafts, bill exchanges or other instruments; to make any payment of money on behalf of the Corporation; and to withdraw funds on behalf of the Corporation.
(A) With respect to amounts less than $10,000, the Chief Financial Officer (“CFO”), any Assistant Treasurer or the Director, Treasury (“Director”) are each individually endowed with the above-mentioned powers. In addition, execution of instruments for the payment of money or withdrawal of funds may be made by facsimile signature by the CFO or the Director. Only one signature is required with respect to such amounts of less than $10,000.
(B) With respect to amounts equal to or greater than $10,000, two signatures are required and signatures must include: either the CFO or the Director, and either the Executive Director/Chief Executive Officer (“CEO”). The General Counsel or a Deputy Executive Director are hereby endowed with the above mentioned powers. For purposes of this section only, the CEO and the CFO may designate, in writing, any other position of the Corporation to make such transfers and endorse checks.
(Ord. NIRC 11-05, passed 11-11-2011)