003.2010 Banking Serv.
RESOLUTION AUTHORIZING BANKING TRANSACTIONS AND
INTERNET-BASED BANKING SERVICES
RESOLUTION NO.: 3, 2010
INTRODUCED AND SECONDED BY THE ENTIRE TOWN BOARD
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; and
3.Wire Transfer Agreement (Governmental);
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby authorizes and directs the
following actions:
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:
Daniel G. Stec, Supervisor
Tim Brewer, Deputy Supervisor
Town Budget Officer
Town Accountant
2.Each of the following banks has applied and consented to serve as Depository of Town
funds and has executed a Third Party Custodian Agreement satisfactory to the Town
Budget Officer/Accountant and Town Counsel and are hereby designated as approved
Depositories:
TD Banknorth
Glens Falls National Bank and Trust Company
J.P. Morgan Chase
3.The Town Supervisor, Town Budget Officer and Accountant, or any one of them, is/are
hereby authorized to open 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.
4.The maximum FDIC insured amount which may be kept on deposit at each Bank at any
time is $100,000. The amount over and above FDIC insurance of $100,000 which may
be kept on deposit at each bank is limited the value of approved 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.
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5.The Town Supervisor, Deputy Town Supervisor, Town Councilmen 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.
6.The Town Supervisor, Town Budget Officer and Town Accountant 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.
7.The Town Supervisor, Town Budget Officer and Town Accountant are hereby authorized
without further action of the Town Board to execute bank 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 under the seal of the Town of Queensbury the
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,
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RESOLVED, that the Town Board further authorizes and directs that:
1.Glens Falls National Bank and Trust Company (Bank) is 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 the Bank. Any and
all prior Resolutions adopted by the Town Board and certified to the Bank as
governing the operation of the Town’s accounts are in full force and effect until
the Bank 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 Bank,
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
the Bank, subject to any restrictions on this Resolution or otherwise agreed to in
writing.
4.All computer banking 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 and the
Wire Transfer Agreement (Governmental) and authorizes any Agent named above
to execute such Agreements and deliver them to the Bank. The Town authorizes
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the Bank, at any time, to charge the Town for all checks, drafts or other orders for
the payment of money that are drawn on the Bank so long as they contain the
required number of signatures for this purpose.
6.The Town acknowledges and agrees that the Bank 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 Bank 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,
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.
st
Duly adopted this 1 day of January, 2010, by the following vote:
AYES : Mr. Metivier, Mr. Montesi, Mr. Strough, Mr. Brewer, Mr. Stec
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NOES : None
ABSENT: None
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