The Town Council hereby authorizes the use of electronic financial transfers and electronic online banking services as needed.
(A) Electronic fund transfers.
(1) Electronic fund transfers. The town/town utilities is hereby authorized to use electronic fund transfers for official business of the town.
(2) Authority of Clerk/Treasurer. The Town Clerk/Treasurer is hereby authorized and responsible for:
(a) Selecting the financial institution(s) to be used by the town for electronic fund transfers;
(b) Executing the application and agreement with the selected financial institution(s) for the town;
(c) Overseeing the use of electronic fund transfers for official town business of the town;
(d) Maintaining the agreement and the relationship between the town and the financial institution(s);
(e) Establishing appropriate security procedures for passwords, codes, controls and other authorizations to protect and preserve the funds and assets of the town; and
(f) Reviewing all transactions and confirmation in connection with the use of electronic fund transfers for property authorization, documentation, itemization and purpose.
(3) Administration of payments. The Town Clerk/Treasurer shall not draw a warrant for an electronic fund transfer unless:
(a) There is a fully itemized invoice or bill for each expense;
(b) Each invoice or bill is approved by the town employee or representative receiving the goods or services;
(c) The invoice or bill is filed with the Town Clerk/Treasurer;
(d) The Town Clerk/Treasurer audits and certifies before payment that the invoice or bill is true and correct; and
(e) All electronic fund transfers must be for official business of the town and shall not be personal in nature.
(4) Scope of electronic fund transfers. Electronic fund transfers shall include automated clearinghouse payments (ACH), wire transfers, direct deposit, on-line banking transactions, telephone transfers and other electronically authorized or implemented transfers or payments.
(5) Compliance. Notwithstanding the provisions of this section, the town shall comply with all other requirements regarding the payment of claims by a political subdivision.
(B) Transfers and balances. The Council may transfer any part of an unencumbered balance of an appropriation of any fund allowed by law to any purpose or object for which the appropriation for the current year has proved insufficient, except that no transfer shall be made of moneys raised or appropriated for the payment of any bond or note of the town unless all indebtedness, interest and other obligations, which must lawfully be paid from such moneys, have been paid.
(Ord. 2021-9, passed 7-12-2021)