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TREASURY SIGNATORY AUTHORIZATION
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)
The CFO and the Director each have the individual necessary authority to invest and execute documents (instructions, wires, transfers and other instruments) for the transfer of funds to any bank or financial institution (“bank”) holding Corporation deposits. In addition, the CFO and the Director each have the individual authority to enter into agreements with any bank on behalf of the Corporation to open and close accounts with respect to such deposits, investments and transfers, including agreements protecting any bank against the consequences of relying on instructions given pursuant to this subchapter, provided that such bank provides confirmation of such transfer to the CFO or Director of the Corporation; and, provided further, that all transactions set forth in this section comply with statutory limitations regarding investment restrictions, the Corporation’s applicable procurement regulations and the Corporation’s investment policy.
(Ord. NIRC 11-05, passed 11-11-2011)
The CFO, Director and any Assistant Treasurer each of the individual authority to endorse any and all instruments deposited by or on behalf of the Corporation with any bank for credit, collection or other reasons, whether payable to the order of the Corporation or any officer or signatory of the Corporation. The CFO, Director and any Assistant Treasurer each have the individual authority to identify, approve or guarantee endorsement of any payee or endorser on any checks or drafts drawn by the Corporation, and to make such arrangements as may be deemed necessary for cashing checks.
(Ord. NIRC 11-05, passed 11-11-2011)
The CEO of the Corporation is hereby authorized and directed on behalf of the Corporation to execute and deliver any and all documents required by any bank in accordance with this subchapter, and the Assistant Secretary is hereby authorized and directed on behalf of the Corporation to attest any documents and amendments thereto.
(Ord. NIRC 11-05, passed 11-11-2011)