Transactions with the following financial institutions, any successor by merger, or any other hereafter designated by the Board are authorized:
Authorized Signatories
For all Banks, any one of the following University Officers for up to $25,000 (Twenty-Five Thousand Dollars):
and countersigned by any one of the above University Officers for amounts greater than $25,000 (Twenty-Five Thousand Dollars).
Any draw of funds from the University line of credit must be promptly reported to the Board of Control Chairperson. Any draw from the line of credit exceeding five million dollars must be approved by the Chairperson(s) of the Board of Control and of the Audit and Finance Committee.
| History | ||
| 04/23/76 | ||
| 03/28/80 | ||
| 01/28/82 | ||
| 07/15/83 | changed authorized institutions | |
| 01/18/85 | changed authorized institutions | |
| 07/12/85 | changed authorized institutions | |
| 03/20/87 | changed authorized institutions | |
| 01/19/89 | complete revision | |
| 07/21/89 | changed authorized institutions and signatories | |
| 03/23/90 | changed authorized institutions | |
| 02/01/91 | changed authorized signatories | |
| 11/22/91 | changed authorized signatories | |
| 01/31/92 | changed authorized institutions | |
| 03/20/92 | changed authorized signatories | |
| 03/19/93 | changed authorized signatories | |
| 09/24/93 | changed authorized institutions | |
| 08/05/94 | changed authorized institutions | |
| 11/21/97 | added Bank of America | |
| 03/20/98 | added Old Kent Bank of Grand Rapids | |
| 05/22/98 | removed institutions with an inactive relationship with MTU | |
| 08/03/2000 | changed authorized signatories | |
| 10/05/2000 | changed authorized institution to reflect name change to Wells Fargo | |
| 10/11/2001 | changed authorized institutions to include Fifth Third Bank and remove Old Kent Bank and changed authorized signatories | |
| 09/29/2005 | changed authorized institutions to reflect name change of D&N Bank to Republic Bank; First of America - Copper Country to National City Bank; North Country Bank to River Valley State Bank; removed Society Bank - Michigan; and changed authorized signatories | |
| 05/02/2008 | Removed National City Bank; changed Republic Bank to Citizens Bank; The First National Bank of Calumet to Range Bank; and replaced D.D. Reed as authorized signatory with L. M. Lovett-Doust | |
| 07/15/2010 | Was previously Policy 13.6. Renumbered, deleted Commercial National Bank of L'Anse; added Miners State Bank and Associated Bank; deleted the specific names of signatories and replaced with University title. |