428.2018 Banking Transactions Internet Based Investment 2019 RESOLUTION AUTHORIZING BANKING TRANSACTIONS
AND INTERNET-BASED FINANCIAL
INVESTMENT SERVICES FOR YEAR 2019
RESOLUTION NO.: 428,2018
INTRODUCED BY: Mrs. Jennifer Switzer
WHO MOVED ITS ADOPTION
SECONDED BY: Mrs. Catherine Atherden
WHEREAS, New York State Town Law Paragraph 64, Subdivision 1, requires the Town
Board to annually designate its Depositories for Town Funds, and
WHEREAS, in accordance with New York State General Municipal Law §5-a and §10
and Town Law §64, it is the duty of the governing boards of local government to adopt a system
of internal controls for the documentation and reporting of all transfers or disbursements of funds
accomplished by electronic or wire transfer, and
WHEREAS, in accordance with prudent business and cash management practices the
Queensbury Town Board wishes to formally specify the authorities under which business may be
transacted with these Depositories, and
WHEREAS, the Town previously received agreements providing for Internet-based
banking services entitled:
1. Internet Banking and Bill Paying Service Agreement;
2. ACH Agreement;
3. Wire Transfer Agreement (Governmental); and
4. New York Cooperative Liquid Asset Securities System (NYCLASS)
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby authorizes and directs the
following actions for the year 2019:
1. The following individuals, in their official capacities, are authorized to transact the
financial and banking business of the Town of Queensbury in accordance with all
applicable laws and organization documents, and the specific authorities granted by this
Resolution:
John F. Strough, Supervisor
Barbara Tierney, Town Budget Officer
Joanne Watkins, Town Accountant
Maura C. Mellon, Senior Account Clerk
2. The following Financial Institutions have applied and consented to serve as Depositories
of Town funds and have executed a Third Party Custodian Agreement satisfactory to the
Town Budget Officer/Accountant and Town Counsel and are hereby designated as
approved Depositories: Glens Falls National Bank and Trust Company and New York
Cooperative Liquid Asset Securities System (NYCLASS)
3. The Town Supervisor, Town Budget Officer and Accountant, or any one of them, is/are
hereby authorized to initialize opening a bank account or accounts from time to time with
authorized banks and their affiliates for and in the name of the Town of Queensbury with
such title or titles as he/she may designate, and to execute depository contracts that
comply with Town Policy and operating procedures.
To finalize any new account, all Town Board members need to execute the appropriate
documentation required by the Financial Institution, including, but not limited to,
signature cards.
4. The maximum FDIC insured amount which may be kept on deposit at each Financial
Institution at any time is $250,000. The amount over and above FDIC insurance of
$250,000 which may be kept on deposit at each bank is limited the value of approved
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collateral, calculated in accordance with Regulations of the New York State Comptroller,
pledged to secure Town deposits and deposited with the designated Third Party
Custodian.
5. The Town Supervisor, Town Councilperson and their successors and any other person
authorized by statute, regulation or Court Order on behalf of the these authorized persons,
is/are hereby authorized to sign, by hand or by facsimile (including, but not limited to,
electronically generated) signatures(s), checks, drafts, acceptances and other instruments.
Two signatures shall be required on any checks, drafts, acceptances and other
instruments. The signature of the Town Supervisor or a Councilperson in his absence,
and that of one Councilperson shall be required.
6. The Town Supervisor, Town Budget Officer, Town Accountant and Town Senior
Account Clerk are authorized singly, within the Town's operational procedures, to
initiate Automated Clearing House debits without signature; initiate payment by use of
Depository Transfer Checks without a signature; or give instructions, by means other
than the signing of an item, with respect to any account transaction, including the
payment transfer or withdrawal by wire, computer or other electronic means. Any and all
transactions will be signed off by the Town Supervisor upon completion of the
transaction.
7. The Town Supervisor, Town Budget Officer and Town Accountant are hereby authorized
without further action of the Town Board to execute such Financial Institutions' regular
forms establishing procedures for call-back verifications and written confirmations in
connection with payment orders, thereby designating one or more individuals, whether or
not such individuals be designated as "Authorized Persons", for the purpose of the
verification of payment orders and issuance of written confirmations.
8. The Town Clerk and/or Deputy Town Clerk(s) is/are hereby authorized and directed to
certify to Authorized Bank Depositories Company and New York Cooperative Liquid
Asset Securities System (NYCLASS) under the seal of the Town of Queensbury the
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effect of this Resolution, the names of the officials, authorized persons and other
representative of the Town of Queensbury and any changes from time to time of these
officials, authorized persons and representatives, and specimens of their respective
signatures.
and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs that:
1. Glens Falls National Bank and Trust Company (Bank) Company and New York
Cooperative Liquid Asset Securities System (NYCLASS) are designated to
provide the computer-based financial accommodations indicated in this
Resolution.
2. This Resolution shall continue to have effect until express written notice of its
rescission or modification has been received and recorded by such Financial
Institutions. Any and all prior Resolutions adopted by the Town Board and
certified to the Financial Institutions as governing the operation of the Town's
accounts are in full force and effect until the Financial Institution receives and
acknowledges an express written notice of its revocation, modification or
replacement. Any revocation, modification or replacement of a Resolution must
be accompanied by documentation, satisfactory to the Financial Institutions,
establishing the authority for the changes.
3. The signature of an Agent named on this Resolution is conclusive evidence of his
authority to act on behalf of the Town. Any Agent, so long as he acts in a
representative capacity as Agent of the Town, is authorized to make any and all
other contracts agreements, stipulations and orders which he may deem advisable
for the effective exercise of the powers indicated above, from time to time with
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such Financial Institutions, subject to any restrictions on this Resolution or
otherwise agreed to in writing.
4. All computer Financial Institution transactions, if any, by or on behalf of the
Town prior to the adoption of this Resolution are hereby ratified, approved and
confirmed.
5. The Town agrees to the terms and conditions of the Cash Management Internet
Banking Services Agreement — Governmental and the ACH Agreement
Governmental Customer Agreement for Electronic Payment Services, the Wire
Transfer Agreement (Governmental) Company and the New York Cooperative
Liquid Asset Securities System (NYCLASS) Cooperative Investment Agreement
and authorizes any Agent named above to execute such Agreements and deliver
them to the Financial Institution. The Town authorizes the Financial Institutions,
at any time, to charge the Town for all checks, drafts or other orders for the
payment of money that are drawn on the Financial Institution so long as they
contain the required number of signatures for this purpose.
6. The Town acknowledges and agrees that the Financial Institution may rely on
alternative signature and verification codes to or obtained from the Agents named
in this Resolution. The term "alternative signature and verification codes"
includes, but is not limited to, ID numbers and personal identification numbers
(PIN) to be used by the Agents to access Internet banking services. The Financial
Institution shall have no responsibility or liability for unauthorized use of
alternative signature and verification codes unless otherwise agreed to in writing.
and
BE IT FURTHER,
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RESOLVED, that the Town Board further authorizes and directs the Town of
Queensbury's Accounting Office to adopt a system of internal controls for the documentation
and reporting of all transfers or disbursements of funds accomplished by electronic or wire
transfer, and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs the Town Supervisor,
Town Budget Officer and/or Town Accountant to take any and all action necessary to effectuate
all terms of this Resolution.
Duly adopted this 3rd day of December, 2018, by the following vote:
AYES Mrs. Atherden, Mr. Ferone, Mrs. Switzer, Mr. Strough
NOES None
ABSENT: None
ABSTAIN:Mr. Metivier
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