The Governing Council of the University of Toronto
Banking And Borrowing Resolution
(replacing the former banking
resolution approved January 15, 2002)
1. All cheques, drafts, and orders for payment of money
drawn on any Bank or Trust Company (both herein referred to as
"bank") account operated in the name of The Governing Council of the
University of Toronto hereinafter referred to as "Governing Council"
shall be signed by:
(a) any two of:
the Chairman of the Governing Council; the
Vice-Chairman of the Governing Council; the Secretary of the Governing Council;
the President; a Vice-President; the Assistant Vice-President, Facilities and
Services; the Chief Financial Officer; and the Controller and Director of
Financial Services.
(b) any one of the persons holding the positions referred to
in (a) above when countersigned by:
the Associate Controller and Assistant Director of
Financial Services; a Manager, Accounting Services; or the Financial Accounting
Analyst.
except that:
(c) cheques, drafts, and orders for payment of money drawn
on:
* the "Payroll Account" (including payments to
banks for lists of employees) where the amount of the payment for any
individual does not exceed $10,000;
* the "Current Expenditure Account" in amounts not
exceeding $50,000;
* the "Trust Account" in amounts not exceeding
$10,000;
may be signed by: any two of the persons holding the
positions referred to in paragraph 1(b) above.
(d) Cheques, drafts, and orders for payment or transfers of
money drawn on:
* A "Transfer Expenditure Account" at the University of Toronto at Scarborough may be signed by:
any two from the University of Toronto at Scarborough of: the Vice-President and Principal; the Vice-Principal (Academic) and Dean;
an Associate Principal; the Director, Financial Services; and the Manager,
Human Resource Services.
* A "Transfer Expenditure Account" at the University of Toronto at Mississauga may be signed by:
any two from the University of Toronto at Mississauga
of: the Vice-President and Principal; a Vice-Principal; the Dean of Student
Affairs; the Chief Administrative Officer; the Director, Physical Plant
Services; and the Director of Business Services.
* A "Transfer Expenditure Account" at the
Department of Alumni & Development in Hong Kong may be signed by:
the Executive Director, Hong Kong Foundation for amounts
not exceeding $10,000.
(e) Cheques, drafts, and orders for payment of money drawn
on the "Ontario Student Assistance Program Emergency Fund Account"
may be signed by:
(i) any two of: the University Registrar and Director of
Admissions and Awards; the Assistant University Registrar, and Associate
Director of Awards and Financial Aid; the Manager of Financial Aid Services;
the Awards Manager; and any Senior Financial Aid Counsellor;
(ii) any Financial Aid Counsellor when countersigned by
any one of the persons holding the positions referred to in 1(e)(i) above.
2. The bank is authorized to pay cheques on the Payroll
Account, the Current Expenditure Account and the Trust Account bearing
facsimile signatures, affixed by means of a cheque signing machine or other
mechanical means, of the persons authorized under this resolution to sign
cheques. Such cheques or instruments may be dealt with to all intents and
purposes and shall bind Governing Council as fully and effectually as if signed
in the handwriting of and duly issued by the persons authorized to sign cheques
on behalf of Governing Council.
When a facsimile signature is applied
to a cheque in excess of the limits in paragraph 1(c) above, then an additional
handwritten signature by any one of the persons holding the positions referred
to in paragraph 1(a) above is required.
The Vice-President, Business Affairs
is responsible for the proper custody and use of the cheque signing machine or
other mechanical means of affixing facsimile signatures, and no signature of
any person shall be reproduced unless such reproduction has been first
authorized by such person.
3. All authorized banking accounts of Governing Council
existing as of the date of this resolution are hereby continued and shall be
subject to the terms of this resolution.
4. The Vice-President, Business Affairs or the Secretary
of the Governing Council will provide direction to the bank with respect to the
opening and closing of specific bank accounts.
5. The Vice-President, Business Affairs or the Secretary
of the Governing Council will appoint the additional signing officers for each
"Imprest Expenditure Bank Account".
6. The Vice-President, Business Affairs or the Secretary
of the Governing Council will certify to the banks, the names of those persons
who are holders, from time to time, of the positions authorized as signing
officers, and will provide certified specimens of the signatures of those
persons.
7. The Vice-President, Business Affairs or the Secretary
of the Governing Council will advise the banks, of the person(s) who, from time
to time, shall be authorized to make deposits or to sign receipts for the
monthly bank statements and supporting documents.
8. The bank transaction and account balance verification
forms and any other documentation necessary to conduct the Governing Council's
banking and cash management requirements shall be signed by any two of the
persons holding the positions referred to in paragraphs 1(a) or 1(b) above.
9. Borrowing for the day-to-day purposes of Governing
Council is hereby authorized to a maximum of $25,000,000 upon general credit of
Governing Council either by way of overdraft, promissory note, banker's
acceptances or by any other means acceptable to the bank, by instrument signed
by any two of: the President, the Vice-President, Human Resources and Equity
or the Vice-President, Business Affairs; or by any one of them and
countersigned by any other one of the persons holding the positions referred to
in paragraph 1(a) hereof; and the persons so authorized are also hereby
authorized to enter into on behalf of Governing Council and to sign any
agreements related to such borrowing as in their absolute discretion they
consider appropriate, and their signatures thereon shall be conclusive evidence
of the proper exercise of the authority hereby conferred.
10. Where separate borrowings are authorized for particular
purposes by specific resolutions of Governing Council or by the Business Board
of Governing Council, then subject to the provisions of such specific
resolutions:
(a) The persons holding the offices referred to in
paragraph 10(c) may determine in their absolute discretion the lender or
lenders, the term to maturity, intermediate repayment provisions, rate of
interest or other costs of borrowing, and other terms and conditions which may
include, without limitation: arrangements for letters of credit, the issuance
of obligations of Governing Council to third parties, agreements with the
lender(s) or with third parties relating to interest rates and currencies, and
indemnity agreements related to the foregoing;
(b) The persons holding the offices referred to in paragraph
10(c) if in their absolute discretion they consider it advisable, may amend the
terms of the borrowing and refinance the borrowing from time to time, and in
that connection may determine from time to time all of the matters referred to
in paragraph 10(a);
(c) All loan agreements, promissory notes, other evidences
of indebtedness, acceptances, instruments, agreements and other documents which
the persons holding the offices referred to herein consider, in their absolute
discretion, to be necessary or desirable to give full effect to this resolution
are hereby authorized and shall be signed by any two of the persons holding the
offices listed in paragraph 1(a) of this resolution.
11. Borrowing under separate and specific resolutions of
Governing Council or of the Business Board of Governing Council, in effect as
of the date hereof, continue in full force and effect, and the authorization by
Governing Council or of the Business Board of Governing Council of any future
borrowing under separate and specific resolutions shall be in addition to and
not in substitution for the authority conferred by this resolution.
12. (a) The
Vice-President, Business Affairs or the Secretary of the Governing Council
shall designate the person or persons who, from time to time, are authorized to
provide instructions for investment transactions and shall advise banks, trust
companies and other financial institutions accordingly.
(b) The officers authorized for investment transactions may
enter into agreements relating to interest rates, currencies, investment and
indemnity agreements, and other agreements of every nature whatsoever related
to the investment of moneys provided in the University of Toronto Investment
Policy for University Funds.
It is hereby certified that the foregoing is a true and
correct copy of a Banking and Borrowing Resolution of The Governing Council of
the University of Toronto which is in full force and effect as of this date.
Louis R. Charpentier
(signed)
Secretary of The Governing
Council
of the University of Toronto
March 19, 2004
Date
LIST OF OFFICERS AUTHORIZED
TO SIGN ON BANK ACCOUNTS OF THE
GOVERNING COUNCIL OF THE UNIVERSITY OF TORONTO
SIGNING AUTHORITY ON ALL UNIVERSITY
BANK ACCOUNTS
Group 1(a)
Chairman of the Governing Council Dr.
T.H. Simpson
Vice-Chairman of the Governing Council Ms.
R. Patten
Secretary of the Governing Council Mr.
L.R. Charpentier
The President Professor
R.J. Birgeneau
Interim Vice-President, Business Affairs Ms.
C.J. Riggall
Vice-President, Human Resources and Equity Professor
A. Hildyard
Interim Vice-President and Provost Professor
V. Goel
Vice-President, Research and Associate Provost Dr.
J. Challis
Vice-President, Government and Institutional Relations Professor
C.J. Tuohy
Vice-President and Chief Advancement Officer Dr.
J.S. Dellandrea
Acting Assistant Vice-President, Facilities and Services Mr.
R. Swail
Acting Chief Financial Officer Ms.
S.W. Brown
Acting Controller and Director of Financial Services Mr.
P. Piché
Group 1(b)
Associate Controller and Assistant Director of Financial
Services TBA
Manager, Accounting Services (Trust and Investment
Accounting) Ms. H. Choy
Manager, Accounting Services (Operating and Capital
Accounting) Mr. D. Voudouris
Manager, Accounting Services (Ancillary and Benefits
Accounting) Mr. L. Ranalli
Acting Financial Accounting Analyst Mr.
U. Makary
Date: March 17, 2004 C.J.
Riggall (signed)
Interim Vice
President, Business Affairs
LIST OF OFFICERS AUTHORIZED
TO SIGN ON BANK ACCOUNTS OF THE
GOVERNING COUNCIL OF THE UNIVERSITY OF TORONTO
SIGNING AUTHORITY ON THE
TRANSFER EXPENDITURE ACCOUNT ONLY
University of Toronto at Scarborough
Vice-President and Principal Professor
K.L. Shun
Vice-Principal (Academic) and Dean Professor
S. Horton
Associate Principal, Campus Development Professor
E.C. Relph
Associate Principal, Academic Resources Dr.
R. Campbell
Associate Principal, Advancement Ms.
M. Dyck
Associate Principal, Student Services Mr.
T. Nowers
Associate Principal & Chief Administrative Officer
Mrs. K. McLean
Director, Financial Services Mrs.
H. Morissette
Manager, Human Resource Services Mrs.
K. Richard
University of Toronto at Mississauga
Vice-President and Principal Professor
I. Orchard
Vice-Principal, Research Professor U.
Krull
Vice-President, Academic Professor C.
Misak
Dean of Student Affairs Mr.
M. Overton
Chief Administrative Officer Mr.
P. Donoghue
Director, Physical Plant Services Mr.
S. Kessler
Director of Business Services Ms.
C. Capewell
Department of Alumni & Development in Hong Kong
Executive Director, Hong Kong Foundation Ms.
K. Slade
Date: March 17, 2004 C.J.
Riggall (signed)
Interim Vice
President, Business Affairs