239.99
RESOLUTION AUTHORIZING BANKING SERVICES
RESOLUTION NO.: 239, 1999
INTRODUCED BY: Mr. Douglas Irish
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Richard Merrill
WHEREAS, the Queensbury Town Controller previously requested proposals from qualified
commercial banks with banking offices in the Queensbury area and Capital District to provide banking
services for the Town, such services to include handling of the Town’s primary deposit accounts and
related services, third-party collateralization and electronic banking, and
WHEREAS, the Town Controller received proposals from five banks and the proposals were
evaluated and ranked by the Town Controller and Town Finance Committee, and
WHEREAS, the Town Controller and Finance Committee have recommended that the Town
Board authorize the following banking relationships beginning immediately:
Evergreen Bank
1. - to serve as primary depository of demand and money market accounts
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in accordance with the terms of the bank’s proposal dated June 18, 1999 until June 30,
2001, with an option for the Town to extend the services for one year at the same terms;
Glens Falls National Bank & Trust Company
2. - to maintain the Town’s payroll account
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until June 30, 2001 at the same terms now in effect (no service charges, bank furnishes all
check forms and stationery);
Chase Manhattan Bank
3. - to be authorized depositories of time deposits on an “as bid, as
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awarded” basis, until June 30, 2001;
Fleet Bank, NA
4. - to be authorized depositories of time deposits on an “as bid, as
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awarded” basis, until June 30, 2001;
Trustco Bank
5. - to be authorized depositories of time deposits on an “as bid, as awarded”
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basis, until June 30, 2001;
NOW, THEREFORE, BE IT
RESOLVED, that the Town Board of the Town of Queensbury hereby authorizes and directs
the following banking relationships beginning immediately:
Evergreen Bank
1. - to serve as primary depository of demand and money market accounts
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in accordance with the terms of the bank’s proposal dated June 18, 1999 until June 30,
2001, with an option for the Town to extend the services for one year at the same terms;
Glens Falls National Bank & Trust Company
2. - to maintain the Town’s payroll account
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until June 30, 2001 at the same terms now in effect (no service charges, bank furnishes all
check forms and stationery);
Chase Manhattan Bank
3. - to be authorized depositories of time deposits on an “as bid, as
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awarded” basis, until June 30, 2001;
Fleet Bank, NA
4. - to be authorized depositories of time deposits on an “as bid, as
th
awarded” basis, until June 30, 2001;
Trustco Bank
5. - to be authorized depositories of time deposits on an “as bid, as awarded”
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basis, until June 30, 2001;
contingent upon all banks executing and complying with a Third Party Collateralization Agreement
Option B (bank monitoring of balances) in form to be approved by Town Counsel, and
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BE IT FURTHER,
RESOLVED, that the Town Board of the Town of Queensbury further authorizes and directs
the Town Controller and/or Town Supervisor to execute any forms or agreements in form approved by
Town Counsel necessary to effectuate the terms of this Resolution.
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Duly adopted this 19 day of July, 1999, by the following vote:
AYES : Mr. Tucker, Mr. Merrill, Mr. Turner, Mr. Irish, Mr. Champagne
NOES : None
ABSENT: None
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