HomeMy WebLinkAboutRes 02-53 Rescinding Res No. 97-41 and Establishing Check Writing Procedures, Check Writing Authority, and Transfer Authority of Investment FundsTOWN OF WESTLAKE
RESOLUTION NO. 02-53
A RESOLUTION OF THE BOARD OF ALDERMEN OF THE TOWN OF
WESTLAKE, RESCINDING RESOLUTION NO. 97-41 AND ESTABLISHING
NEW DEPOSITORY PROCEDURES, CHECK WRITING AUTHORITY AND
TRANSFER AUTHORITY OF INVESTMENT FUNDS OWNED BY THE TOWN
OF WESTLAKE AND DECLARING AN EFFECTIVE DATE.
WHEREAS, the Town of Westlake requires Board Authorization for certain
financial procedures; and
WHEREAS, the Town of Westlake has retained professional staff and
professional independent auditors to establish procedures that are consistent with
established professional governmental accounting standards;
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF ALDERMEN OF
THE TOWN OF WESTLAKE, TEXAS:
SECTION 1: That the Board of Aldermen of the Town of Westlake, Texas
hereby authorize the Town Manager to make recommendations and prepare for approval
by the Board of Aldermen, a formal Bank Depository Agreement with a local or area
financial institution capable and desirous of Westlake's business. The Town Manager is
directed to return to the Board with his recommendation and justification within 60 days
at which time the Board of Aldermen will designate a formal depository for the Town of
Westlake.
SECTION 2: That the Board of Aldermen of the Town of Westlake establish the
following procedures and conditions for the handling of the Town's financial assets.
a) The Town Manager is authorized to sign checks on the Town's accounts
up to $10,000.
b) Checks over $10,000 must be signed by the Town Manager and the Town
Secretary or any member of the Board of Aldermen until such time as the
Town employs a full time Finance Director at which point the Finance
Director will sign (in addition to the Town Manager) all checks over
$10,000.
C) It is a violation of this resolution for any individual to write or sign
multiple checks in order to pay a statement or invoice in an amount
exceeding the authorized limitations.