3.11 3.11
AGREEMENTS\Glens Falls National Bank—ICS Deposit Placement Agreement—2-27-2023
RESOLUTION AUTHORIZING ICS DEPOSIT PLACEMENT AGREEMENT
BETWEEN TOWN OF QUEENSBURY AND GLENS FALLS NATIONAL
BANK& TRUST COMPANY
RESOLUTION NO.: 12023
INTRODUCED BY:
WHO MOVED ITS ADOPTION
SECONDED BY:
WHEREAS, New York General Municipal Law Article 5-G, §119-o empowers municipal
corporations to enter into, amend, cancel and terminate agreements for the performance among
themselves or one for the other of their respective functions, powers and duties on a cooperative
or contract basis, and
WHEREAS, the Town Board wishes to diversify its investment options and help assure
the safety and liquidity of its funds by entering into an Agreement with the Glens Falls National
Bank & Trust Company as set forth in the ICS Deposit Placement Agreement presented at this
meeting as such Agreement parallels the New York Cooperative Liquid Asset Securities System
(NYCLASS) as an investment option for NYS municipalities and provides full collateralization of
deposits and offers a competitive interest rate to maximize earnings,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby authorizes the ICS Deposit Placement
Agreement in the name of and on behalf of the Town of Queensbury and Glens Falls National Bank
and Trust Company and authorizes and directs the Town Supervisor to execute the Agreement
substantially in the form presented at this meeting as well as any other needed documentation, and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs the Town Supervisor, Town
Counsel and/or Town Budget Officer to take such other and further action as may be necessary to
effectuate the terms of this Resolution.
Duly adopted this 27t'day of February, 2023,by the following vote:
AYES
NOES
ABSENT :
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ICS Deposit Placement Agreement
You, the undersigned, enter into this ICS Deposit Placement Agreement ("Agreement') with the following financial
institution ("we" or "us"):
Glens Falls National Bank & Trust Company
This Agreement states the terms and conditions on 1 .2. Deposit Accounts
which we will endeavor to place deposits for you at other
financial institutions. through ICS ', the IntraFi Cash (a) Deposits that we place for you in Deposit
Services" of IntraH Network LLC ("ln"Fi") for placing Accounts will be "deposits," as defined by federal law, at
deposits at depository institutions. the Destination Institutions.
1 . Deposit Placement (b) Each Deposit Account, including the principal
balance and the accrued interest, will be a deposit
1 . 1 . Agreement and Schedules obligation solely of the Destination Institution at which it
is held. It will not be a deposit obligation of us or of
(a) Schedule 1 describes the procedure by which IntraFi, SNY Mellon, or any other person or entity.
we will place deposits for you through the form of iCS
known as iCS-Daily Bate. Schedule 2 describes the 2. Your Relationship With Us
account type and placement feature that we will use.
Schedule 3 describes the procedure by which we will 2. 1 • Agency and Custodial Relationship
place deposits for you through the form of iCS known as
ICS-Fixed Rate if we offer such placement. (a) We will act as your agent in placing deposits
for you through ICS. Under a separate agreement with
(b) Each participating institution in ICS that is an you that grants us custodial powers ("Custodial
insured depository institution ("Destination Institution") Agreement"), we will also act as your custodian for the
will be one at which deposit accounts are insured by the Deposit Accounts.
Federal Deposit Insurance Corporation ("FO/C") up to
the FDIC standard maximum deposit insurance amount (b) Each Deposit Account will be recorded (i) on
("SMGIA') of $250,000_ the records of a Destination Institution in the name of
BNY Mellon, as our sub-custodian, (ii) on the records of
(c) Subject to the terms and conditions of this BNY Mellon in our name, as your custodian, and (iii) on
Agreement, when we place deposits in a deposit our records in your name. The recording will occur in a
account at a Destination Institution for your funds placed manner that permits the Deposit Account to be FDIC-
through iCS ("Deposit Account'), the amount of our insured to the same extent as if it were recorded on the
outstanding ,placements for you at the Destination records of a Destination Institution in your name.
Institution through iCS and through CDARSO, the
Certificate of Deposit Account Registry Service`, will not (c) For purposes of Article 8 of the Uniform
exceed $250,000. Commercial Code, we will act as your securities
intermediary for, and will treat as financial assets, the
(d) The Bank of New York Mellon (",BiVY Mellon") Deposit Accounts and all your security entitlements and
provides services that support deposit placement other related interests and assets with respect to the
through ICS. BNY Mellon's services include acting as Deposit Accounts, and we will treat you as entitled to
our sub-custodian and settlement agent. exercise the rights that constitute the Deposit Accounts.
(e) You must be capable of using, and you agree (d) All interests that we hold for the Deposit
to use, the Depositor Control Panel ("L)C,P"), an online Accounts will be held by us only as your securities
tool, to review provisional allocations of deposits and for intermediary and will not be our property. You will be
other purposes. You also agree to receive notices that the owner of the funds in the Deposit Accounts and any
may be posted on the DCP or sent to you by email. interest on those funds.
2.2. Termination of Custodial Relationship
(a) Either you or we may terminate the custodial
relationship between you and us at any time. You may
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not transfer the Deposit Accounts to another custodian, 3-2. Interest Rate
but you may dismiss us as your custodian for a Deposit
Account and request that it be recorded on the records (a) In ICS-Daily Rate, the interest rate for the
of the Destination Institution in your name. Deposit Accounts at Destination institutions ("Interest
Rate") will be the then-current rate that we specify,
(b) We will endeavor to cause any request from which may be any rate (including zero) and which we
you pursuant to Section 2.2(a) to be promptly forwarded may modify at any time. Through your continued
to the Destination Institution. Each Destination participation in ICS-Daily Rate, you accept each
institution has agreed that it will promptly fulfill any such applicable interest Rate.
request, subject to its customer identification policies
and other account opening terms and conditions. (b) In iCS-Fixed Rate, if offered, the Interest Rate
(c) If a Deposit Account has been recorded on the will be determined as set forth in Schedule 3.
records of a Destination Institution in your name (c) If we permit you to have more than one
pursuant to this Section 2, you will be able to enforce Custodial Account, we may specify a different Interest
your rights in the Deposit Account directly against the Rate for each Custodial Account.
Destination Institution, but we will no longer have any
custodial responsibility for it and you will not be able to (d) Payment of the full amount of all accrued
enforce any rights against the Destination Institution interest on a Deposit Account at a Destination institution
through us. will be solely the responsibility of the Destination
Institution. Neither.we nor any other person or entity will
(d) If we were to become insolvent, our receiver be indebted to you for such payment.
or other successor in interest could transfer custody of
the Deposit Accounts, and our rights and obligations 4. Placement Procedures
under this Agreement, to a new custodian. Alternatively, 4. Account T
you could exercise your right to have the Deposit Statements ypeo ICS Settlement, and
Accounts recorded on the records of the Destination
institutions in your name pursuant to this Section 2. (a) Settlement of payments to and from
3. Custodial Account and Interest Rate participating institutions in ICS through BNY Mellon that
includes the type of deposits we place for you ("ICS
3. 1 . Custodial Account Settlement") will occur each day that is not a Saturday,
a Sunday, or another day on which banks in New York,
(a) As your custodian, we will open on our New York, are authorized or required by law or
records, either directly or with the assistance of BNY regulation to close ("Business Day").
Mellon, a custodial account in which we will hold your
interests in the Deposit Accounts ("Custodial Account"). (b) You may confirm through the DCP (i) the
We may permit you to have multiple Custodial Accounts. aggregate principal balance in the Deposit Accounts
. ("Program Balance") and (H) the principal balance and
(b) On the signature page of this Agreement, you accrued interest of the Deposit Accounts at each
will enter a unique alphanumeric identifier for you Destination institution as of the preceding Business Day
("Depositor identifier"), which will be associated with the or, after ICS Settlement-related processing, as of that
Custodial Account. You will enter as your Depositor Business Day.
identifier your federal taxpayer identification number
(" TIN"), unless you do not have a TiN, in which case you (c) We will provide you with a periodic statement
will enter an alternate identifier that we approve. of custodial holdings for your funds placed through ICS
that will include, as of the and of the statement period,
(c) If you use an alternate identifier, you must use your Program Balance, your principal balance at each
the same alternate identifier for all placements of Destination Institution, the total interest you have earned
deposits for you, by us or by any other financial on the Deposit Accounts during the period, and the rate
institution, through ICS or through CDARS. If you later of return you have earned on the daily average closing
obtain a TIN, you must promptly report it to us and to principal balance for the period ("Statement Period
any such other institutions, and we may use it as your Yield').
Depositor Identifier.
(d) The account information available on the DCP
as described in Section 4.1 (b), and the periodic
statements described in Section 4. 1 (c), will be the only
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evidence that you receive of your ownership of the a transfer of funds from the Deposit Accounts at ICS
funds. You should retain the account statements. Settlement the next Business Day ("Regular Program
4.2. Triggering Events Withdrawal).
(b) Schedule 1 states whether, in ICS-Daily Rate,
(a) Funds will be transferred to or from the the transfer of funds from your Deposit Accounts at ICS
Deposit Accounts in response to an event specified in Settlement on the same Business Day ("Same-Day
this Agreement that triggers such movement Program Withdrawat') is available and, if so, the cutoff
(" Triggering Event"). A Triggering Event may result in a time for you to request a Sarre-Day Program
transfer of funds from a root account with us that Withdrawal ("Same-Day Withdrawal Cutoff Time')_ If
contains your funds ("Root Account") to the Deposit Schedule 1 so states, a request that we receive and
Accounts at ICS Settlement ("Program Deposit") or a accept before the Same-Day Withdrawal Cutoff Time
transfer of funds from the Deposit Accounts to the Root will be a Triggering Event, in ICS-Daily Rate, for a
Account at ICS Settlement ("Program Withdrawal'). Same-Day Program Withdrawal.
(b) For ICS-Daily Bate, Schedule 1 sets forth 4.5. Withdrawal Advances; Security Interest
Triggering Events applicable to your deposits. For ICS-
Fixed Rate, Schedule 3 set forth Triggering Events (a) If Schedule 1 states that we will advance
applicable to your deposits_ funds to you in anticipation of a Program Withdrawal, or
if we otherwise decide in our discretion to advance funds
4.3. Program Deposits to you in anticipation of a Program Withdrawal, you will
owe the amount of these funds to us and we will retain
(a) Subject to the terms and conditions of this from the funds we receive at ICS Settlement the amount
Agreement, and except as provided in Section 4.3(b), a we have advanced to you.
Triggering Event for a Program Deposit will result in a
transfer of funds to the Deposit Accounts at ICS (b) With respect to any amount that you owe to us
Settlement the next Business Day ("Regular Program pursuant to Section 4.5(a):
Deposit").
(i) you grant us, and acknowledge that we
(b) Schedule 1 states whether, in ICS-Daily Rate, have, a security interest in, and a lien on, the Deposit
a transfer of funds to the Deposit Accounts at ICS Accounts, related security entitlements, and other
Settlement on the same Business Day ("Same-Day related interests and assets that we may hold for you
Program Deposit) is available and, if so, the cutoff time as custodian and securities intermediary pursuant to
for you to request a Same-Day Program Deposit the Custodial Agreement for the amount that you
("Same-Day Deposit Cutoff Time"). If Schedule 1 so owe to us,
states, a request that we receive and accept before the
Same-Day Deposit Cutoff Time will be a Triggering (ii) if a Destination Institution fails before a
Event, in ICS-Daily Rate, for a Same-Day Program Program Withdrawal is completed, we may retain the
Deposit. amount of the Program Withdrawal from the
(c) We may impose a maximum Program proceeds of your FDIC insurance claim to satisfy the
amount that you owe to us, and
Balance amount for deposits that we place for you
through ICS and will inform you of any such amount we (iii) to the extent that the amount that you owe
impose. Even if a Triggering Event for a Program to us is not satisfied from the interests and assets we
Deposit occurs, we may choose not to transfer the are holding for you pursuant to the Custodial
amount to the Deposit Accounts if it would cause the Agreement, or from the proceeds of any FDIC
Program Balance to exceed the maximum. In addition, insurance claim, the amount remains owed by you to
we may choose not to transfer to the Deposit Accounts us and is payable on demand.
an amount that we have credited to the Root Account,
but have not yet collected from a third party_ (c) if, in a separate agreement, you have granted
us a security interest in the Deposit Accounts or in any
4A, Program Withdrawals security entitlements or other interests or assets relating
to the Deposit Accounts as collateral for a loan to you or
(a) Subject to the terms and conditions of this otherwise, we may decline to honor a request for a
Agreement, and except as provided in Section 4,4(b), a Program Withdrawal, or decline to honor a debit
Triggering Event for a Program Withdrawal will result in transaction in the Root Account that would trigger a
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Program Withdrawal or be funded by a Program deposits placed by other participating institutions in ICS
Withdrawal, to the extent the Program Withdrawal would and may,pay a fee to IntraFi ("Reciprocal Feature").
cause your Program Balance to fall below the loan
amount or other amount that you have agreed to (b) Whether or not we are eligible to use the
maintain in the Deposit Accounts or to which the security Reciprocal Feature, we are eligible to use a feature of
interest applies. if, in a separate agreement, you have ICS in which, when we place deposits, we do not receive
granted us a security interest in the Root Account, we matching deposits, but we and intraFi may receive fees
also may decline to honor transactions in the Root from Destination Institutions ("One-Way Feature").
Account in accordance with the separate agreement.
(c) Section 2 0# Schedule 2 provides (i) that we
4.6. Account Type and Withdrawal Limit, If Any may use either the Reciprocal Feature or the One-Way
Feature, (ii) that we will use only the Reciprocal Feature,
(a) Deposits that we place for you through ICS- or (18) that we will use only the One-Way Feature.
Daily Rate at a Destination Institution will be placed in a
Deposit Account that is a demand deposit account 5.2. Placement Feature and Rate
("DDA') or a Deposit Account that is a money market (a) Interest on the Deposit Accounts will be
deposit account ("MMDA'), as provided in Section 1 0# regardless of earned at the specified Interest Rate re
Schedule 2. p g
whether the Reciprocal Feature or the One-Way
(b) Section 1 of Schedule 2 provides (i) that we Feature is used.
will place deposits for you in DDAs, (ii) that we will place (b) When the Reciprocal Feature is used, the fee
deposits for you in DDAs deposits for you in (As.that we may place paid to IntraFi may affect rate determination. When the
DAs or M M M or DA
One-Way Feature is used, tees paid by Destination
(c) Section 1 of Schedule 2 also provides, if Institutions, or cost-of-funds rates for Destination
MMDAs will or may be used, (i) that an MMDA Program Institutions, may affect rate determination.
Withdrawal limit of six per month applies or (ii) that no (c) if we are eligible to use the Reciprocal
MMDA Program Withdrawal limit applies. g p
Feature, and you authorize us to use either the
(d) If a Program Withdrawal limit applies and you Reciprocal Feature or the One-Way Feature, we may
exceed the six permitted Program Withdrawals from use a feature with greater benefits to you, to us, or both.
MMDAs in a month:
5.3. Placement Requirements
(i) We may (A) transfer all the remaining
funds in the MMDAs to the Root Account associated (a) Under the laws of some states, governmental
with the Custodial Account for the MMDAs or (B), if units may submit deposits for placement through a
you also have a Custodial Account for DDA deposits, deposit placement network only if the placing institution
transfer all the remaining funds in the MMDAs to the is located in the state and receives matching deposits of
Custodial Account for DDA deposits, an equal maturity, if any, and an equal amount.
(ii) In subsequent months we may effect either (b) If you are a state governmental unit, or if you
such transfer at the time of your sixth Program are otherwise subject to restrictions on the placement of
Withdrawal. deposits for you, you are responsible for determining
whether deposit placement in accordance with this
(e) If you exceed the six permitted Program Agreement satisfies any applicable restrictions.
Withdrawals from MMDAs in multiple months, we may
also make the Custodial Account for the MMDAs 6. Daily Allocation and Depositor Control
ineligible for program Deposits. 6. 1 . Daily Allocation; Review and Consent
5. Placement Feature (a) The process for allocating Program Deposits,
5. 1 . Reciprocal and One-Way Program Withdrawals, and funds already on deposit
reflects various considerations, including the need for
(a) If we are an FDIC-insured depository certain Destination Institutions to receive deposits in
institution, we are eligible to use a feature of ICS in amounts that they have placed for their own customers
which, when we place deposits, we receive matching and possible limits on the amounts that an institution is
authorized to place or a Destination Institution has
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agreed to receive. Applicable deposit amounts may 6.3. Depositor Control Panel
change from day to day. Accordingly, the allocation of
funds takes place each Business Day. (a) IntraFi will assist us in providing the DCP. The
address of the Depositor Control Panel is
(b) The set of Destination Institutions to which hftps:/Awww.depositorcontrol.com.
your funds on deposit are allocated on a Business Day,
and the amount allocated to each Destination Institution, (b) You represent that you have a computer with
may differ from a previous Business Day's allocation. A Internet access, an e-mail address, the ability to
different allocation may involve the movement of funds download and print information from the DCP, and the
from one Destination institution to another Destination knowledge and experience to use an online tool for DCP
Institution, even though you do not have a Program functionality. In addition, you acknowledge that you
Deposit or a Program Withdrawal. Such movements of must obtain and maintain all equipment and services
funds will not affect the Interest Rate. necessary for access to the DCP.
(c) You exercise control over the allocation of (c) To access the DCP, you must create login
your funds through direct contact with us and through credentials. To create your login credentials, click on
the DCP. You are responsible for reviewing the 'Getting Started" on the DCP home page. Alternatively,
important information we provide you through the DCP, we may send to you an email containing a link that will
including information regarding proposed allocations enable you to create login credentials.
that we provide each Business Day. In addition, on (d) From within the DCP, you may invite a user to
request at any time, we will provide you with a list of all create login credentials that will permit the user to
Destination Institutions. g
access your DCP account. Such users may have
(d) Although we will not allocate your funds to access to your account information and DCP
Destination Institutions that you exclude or reject as set functionality, and you are responsible for their acts or
forth below, you authorize and consent to the allocation omissions.
of your funds at Destination Institutions that you
approve, or do not exclude or reject, as set forth below. 6.4. Depositor Placement Review
6-2. Destination Institution Exclusions (a) Each Business Day, your aggregate principal
balance that will be in Deposit Accounts after that day's
(a) You may enter the name of any depository ICS Settlement will be provisionally allocated to
institution on a list of exclusions from eligibility to receive Destination Institutions- The amount allocated will
deposits we place for you through ICS (Wxclusions reflect your Program Balance as of the last ICS
List"). Settlement, plus any Program Deposit that will occur at
the day's ICS Settlement, minus any Program
(b) We may ask you to provide your initial Withdrawal that will occur at the day's ICS Settlement.
Exclusions List by entering exclusions in Section 3(c) of The allocation may provide that previously-deposited
Schedule 2 or by giving us notice of your Exclusions List funds will be removed from a Destination institution and
in another manner we specify. deposited in another Destination Institution.
(c) An Exclusions List will be effective within one (b) After the provisional allocation occurs on a
Business Day after the first Business Day on which we Business Day, but before allocation becomes final at
have received the Exclusions List from you. ICS Settlement, Depositor 'Placement Review (°DPR")
will occur through the DCP. Even if a Destination
(d) You may add to or subtract from your Institution is not on your Exclusions List, the final
Exclusions List by giving us notice in a manner we allocation that day will not allocate your funds to the
specify or by using functionality provided within the Destination Institution if you reject it during DPR through
Depositor Control Panel. If you do so, the revised the DCP. Your rejection of a Destination Institution will
Exclusions List will be effective within one Business Day be effective only if you submit it before DPR ends.
after the first Business Day on which we have received
the notice or you have used the functionality. (c) The DPR period each Business Day will be as
follows: 3:00 PM to 3: 15 PM Eastern time. Daylight
Saving Time applies when nationally in effect. We may
change the DPR period by posting notice on the DCP in
advance of the change.
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(d) In DPR, you will see a list of Destination transferred to the Deposit Accounts are not allocated to
Institutions to which your funds are proposed to be a Destination institution on a Business Day, the funds
allocated at iCS Settlement later that day ("Proposed will be returned to the Root Account.
Placement List"), reflecting the provisional allocation of
all your funds, including funds that will be moved from 7. FDIC Insurance Considerations
one Destination Institution to another Destination
Institution. The Proposed Placement List will include the 7. 1 . Deposit Insurance Coverage
principal balance allocated to each Destination (a) You may obtain information about FDIC
Institution. if you review the Proposed Placement List, deposit insurance coverage by visiting the FDIC website
and you click the approval button or you do not reject at http://www.fdic,gov or by contacting the FDIC by
any of the Destination Institutions on the list, you will be letter, email, or telephone.
approving the allocation and your funds will be allocated
in accordance with the list. (b) All of your deposits at a Destination Institution
(e) If you reject any of the Destination Institutions in the same insurable capacity (whether you are acting
on the Proposed Placement List, you will be approving directly or through an intermediary) will be aggregated
allocation to Destination institutions on the list that you for the SMDIA. You should add to your Exclusions List
do not reject. After entering rejections, if sufficient time any depository institution at which you have other
remains in DPR, you will have the opportunity to review deposits in the same insurable capacity. Insurable
capacities include, among others, individual accounts
a list of other Destination Institutions to which your funds
could be allocated ("Alternate Placement Lisf'). If you and joint accounts.
click the approval button for the Alternate Placement (c) You are responsible for determining whether
List, or you do not reject any of the Destination deposits we place for you are maintained in separate
Institutions on it, you will be approving the allocation of insurable capacities. Separate divisions within a
your funds to any of the listed Destination institutions. If corporate entity are not eligible for separate insurance
you reject any of the Destination institutions on the coverage, and a separate TiN or other Depositor
Alternate Placement List, you will be approving Identifier does not establish a separate insurable
allocation to listed Destination Institutions that you do capacity.
not reject. Your funds may be allocated to any
combination of Destination institutions on the Proposed (d) We will use the Depositor Identifier to identify
Placement List and the Alternate Placement List that you, and we will place deposits for you on the
you do not reject. understanding that you are not submitting deposits for
placement under more than one Depositor Identifier in
(f) If the provisional allocation on a Business Day the same insurable capacity.
would result in funds of yours currently at a Destination
Institution being moved to another Destination (e) The requirements for FDIC deposit insurance
Institution and you reject the other Destination institution coverage of the deposits of governmental units,
in DPR that Business Day, the funds will not necessarily including the United States government, state and local
remain at the first Destination Institution. The funds will governments, the District of Columbia, and the
be allocated to a Destination Institution that you do not Commonwealth of Puerto Rico, are set forth in FDIC
reject or returned to the Root Account. regulations. if you are a governmental unit, you are
responsible for determining whether the requirements
(g) A Destination Institution that you reject in DPR for deposit insurance have been met. We are not
will also be added to your Exclusions List, for purposes responsible for losses resulting from the placement of
of future allocations, within one Business Day after the deposits that are not eligible for FDIC deposit insurance.
Business Day on which you submit the rejection.
h We do not guarantee that all our funds will be (f) Records that we maintain, or that BNY Mellon
( ) g y maintains for us, reflecting ownership of the Deposit
allocated to Destination Institutions on any particular Accounts will be used to establish your eligibility for
day, even if they were allocated to Destination deposit insurance coverage. Accordingly, you must
Institutions on a previous day. Exclusions and immediately report to us any changes in ownership
rejections of Destination Institutions may increase the information so that there will be accurate information to
chance that funds will not be allocated. If funds not yet provide to the FDIC if a Destination Institution fails and
transferred to the Deposit Accounts are not allocated to the FDiC pays its insured deposits by cash payment.
a Destination Institution on a Business Day, the funds
will remain in the Root Account. If funds previously
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The FDIC could also require you to provide additional responsible for making arrangements with us, if we offer
documentation. them, to have the deposits collateralized, protected by a
properly-executed repurchase sweep arrangement, or
7.2. Responsibility to Monitor Deposits; Available otherwise adequately protected, in a manner consistent
Information with applicable law. You should consult your legal
(a) You are responsible for monitoring the total advisor to determine whether a collateralization
arrangement is consistent with applicable law.
amount of your funds at each Destination Institution in
each insurable capacity to determine the extent of FDIC (c) If you cannot accept the risk of having a
deposit insurance coverage available to you for deposits deposit with us that is not fully insured, and we do not
at that Destination Institution. You should confirm that offer arrangements of the kind described in Section
each placement of your funds at Destination Institutions 7. 3(b) or we offer them but you do not make such
is consistent with your exclusions and rejections, arrangements with us, you should not submit deposits
b You can obtain for placement through ICS.
( ) publicly available financial
information on Destination Institutions from the National 7.4. Deposit Insurance Payments
Information Center of the Federal Reserve System at
www.ffiec.gov/nlcpubweb/nicweb/nichome.aspx, (a) In case of the liquidation of, or other closing or
winding up of the affairs of, an insured depository
7.3. Uninsured Deposits institution, the FDIC is generally required by law to pay
{a) Although we will not place a deposit for you each insured deposit "as soon as possible," either by
through ICS at any one Destination institution in an cash payment or by transferring the deposit to another
amount that exceeds the SMDIA, a deposit that we insured depository institution. It is possible, however,
that an insurance payment could be delayed. Neither
place for you will not be eligible for FDIC. insurance we nor any other person or entity will be obligated to
coverage at a Destination Institution before it becomes advance funds to you with respect to an insurance
a deposit at the Destination Institution or after it is payment or to make any payment to you in satisfaction
withdrawn from the Destination Institution, of a loss you might incur as a result of a delay in an
(i) If we are an FDIC-insured depository insurance payment.
institution and the Root Account is eligible for FDIC (b) If a Destination Institution at which we place
insurance coverage, a deposit in the Root Account deposits for you is closed and the FDIC does not
will be aggregated with your other deposits with us in transfer deposits that include your funds to another
the same insurable capacity for application of the insured depository institution, but will make a deposit
SMDIA of $250,000. insurance cash payment, we will cause a deposit
If we are a credit union the share accounts insurance claim for your funds to be filed with the FDIC,
(II) and we will credit to you the proceeds of the deposit
of which are insured " the National Credit Union insurance claim that we receive for your funds, subject
Administration ("NCUA")) and the Root Account is a share account with us that is eligible for NCUA to any valid security interest.
insurance coverage, a deposit in the Root Account (c) If the FDIC makes a deposit insurance cash
will be aggregated with your other deposits with us in payment for a Deposit Account at a closest Destination
the same insurable capacity for application of the Institution, the FDIC is required by law to pay the
NCUA standard maximum share insurance amount principal amount plus unpaid accrued interest to the
of $250,000, date of the closing of the Destination Institution, as
(iii) If we are not an FDIC-insured depository prescribed by law, subject to the SMDIA. No interest is
institution or the Root Account is not eligible for FDIC earned on a Deposit Account at a Destination Institution
insurance coverage, a deposit in the Root Account after it closes.
will not be FDIC-insured. If we are not an NCUA- (d) If the FDIC transfers the deposits of a closed
insured credit union or the Root Account is not Destination Institution to another insured depository
eligible for NCUA insurance coverage, a deposit in institution, the acquiring institution may assume a
the Root Account will not be NCUA-insured. Deposit Account. The acquiring institution may change
(b) If you cannot accept the risk of having a the rate at which it pays interest on the assumed Deposit
deposit with us that is not fully insured, you will be Account, subject to your right to withdraw the funds.
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8. Additional Considerations to receive such notice, materials, or information directly
from the mutual institution, or if you wish to attend or
8. 1 . Compare Rates vote at any meeting of the depositor members of the
(a) We are not acting as your investment advisor, mutual institution or receive subscription rights, you
and we are not advising you about alternative must, before the applicable record date (a date that is
investments. You are responsible for comparing the usually at least one year before the mutual institution's
board of directors adopts a plan of conversion), dismiss
rates of return and other features of the Deposit
Accounts to other available deposit accounts and other re as your custodian and have the Deposit Account
kinds of investments before choosing placement recorded on the records the mutual institution in your
through ICS. Warne Pursuant to Sectionn 2.2.
9. Conforming Changes
(b) The Interest Rate maybe higher or lower than
a cost-of-funds rate for a Destination Institution, an (a) If you signed a previous version of this
interest rate for another customer, or interest rates on Agreement that was captioned "IntraFi Network
comparable deposits available directly from us, from the Deposits DDA-MMDA Deposit Placement Agreement"
Destination Institutions at which the Deposit Accounts and became a party to the current version of the
are held, from other Destination Institutions, or from Agreement as a result of having been given notice of
insured depository institutions that are not Destination amendment, the content of Schedules 1 and 2 to this
Institutions. Agreement is the same as the content of Schedules 1
and 2 to the version that you signed, subject to the
8.2. Allocation Considerations following changes:
(a) ICS allocation process is subject to applicable (i) "IntraFi Network Deposits DDA-MMDA
law and may be affected by our objectives, IntraFi's Deposit Placement Agreement" is changed to "ICS
objectives, or both, including administrative Deposit Placement Agreement" and
convenience, reduction of costs, and enhancement of
profits. (ii) "DDA-MMDA Option" is changed to "ICS."
(b) Participatinq institutions in ICS service may (b) If you signed a previous version of this
make compensatory payments resulting in payments to Agreement that was captioned "ICS Deposit Placement
other participating institutions, or receive compensatory Agreement" and became a party to the current version
payments resulting from payments by other participating of the Agreement as a result of having been given notice
institutions, including compensatory payments that of amendment, the content of Schedule 1 to this
reflect the difference between an interest rate for Agreement is the same as the content of Schedule 1 to
deposits placed by an institution and a rate at which the the version that you signed, except that "Transaction
receiving institution would otherwise pay interest. Account," if it appears in the version that you signed, is
8.30 Mutual Institution Rights changed to "Root Account."
a) Your funds De (c) If you signed a previous version of this
( may be placed in a Deposit Agreement that was captioned "ICS Deposit Placement
Account at a Destination Institution that is in the mutual Agreement" and became a party to the current ver,,sion
form of organization. Such a Deposit Account will be of the Agreement as a result of having been given notice
recorded on the records of the mutual institution in the of amendment, the content of Section 1 of Schedule 2
name of the sub-custodian and not in your name. The to this Agreement is as follows:
sub-custodian will not attend or vote at any meeting of
the depositor members of a mutual institution, or (i) If the version of the Agreement that you
exercise any subscription rights in a mutual institution's signed provided that we would place deposits for you
mutual-to-stack conversion, either on its own behalf or only in DDAs. Section 1 of Schedule 2 is deemed to
on your behalf. state: "We will place deposits for you in DDAs_"
(b) If we receive from the sub-custodian notice of (ii) If the version of the Agreement that you
a meeting of depositor members of a mutual institution signed provided that we would place deposits for you
or other materials or information relating to a mutual only in MMDAs, Section 1 of Schedule 2 is deemed
institution's mutual-to-stock conversion, we may forward to state: "We will place deposits for you in MMDAs."
such notice, materials, or information to you. If you wish
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(iii) If the version of the Agreement that you include any depository institutions that you listed in the
signed provided that we might place deposits for you former Section 4 of this Agreement except to the extent
in DDAs or MMDAs, Section 1 of Schedule 2 is that you have subsequently removed any such
deemed to state: "We may place deposits for you in depository institution from your Exclusions List.
DDAs or MMDAs,"
10. Other Provisions
(iv) If the version of the Agreement that you
signed provided that an MMDA Program Withdrawal 10. 1 . Release and Use of Identifying Information
limit would apply and we have not informed you that
we will not enforce such a limit, Section 1 of (a) We may provide information that identifies you
Schedule 2 is deemed to state, "You may use up to ("identifying Information"), including your name, your
six MMDA Program Withdrawals per month." TIN or other Depositor Identifier, and information on
your deposits, to a party that provides services in
(v) If the version you signed provided that an connection with ICS ("Service Provider"), including
MMDA Program Withdrawal limit would not apply or IntraFi and BNY Mellon. A Service Provider may use
we have informed you that we will not enforce such Identifying Information in providing services in
a limit, Section 1 of Schedule 2 is deemed to state, connection with ICS.
"No MMDA Program Withdrawal limit applies." (b) We or a Service Provider may also provide
(d) if you signed a previous version of this Identifying Information to a Destination Institution at
Agreement that was captioned 'ICS Deposit Placement which your funds are deposited, but will do so only to the
Agreement" and became a party to the current version extent necessary to comply with a request by you or
of the Agreement as a result of having been given notice your agent or to comply with applicable law. In addition,
of amendment, the content of Section 2 of Schedule 2 we or a Service Provider may provide Identifying
to this Agreement is as follows: Information to the FDIC in connection with a deposit
insurance claim.
(i) Section 2 of Schedule 2 is deemed to
provide that we may use either the Reciprocal (c) Except as provided in Section 10. 1 (a) or
Feature or the One-Way Feature if (A) Schedule 4 to Section 10. 1 (b), we will not provide Identifying
the version that you signed contained two check Information to any party unless we determine that (i) we
boxes, one stating that we might use either ICS are required by applicable law to do so or (ii) we are
Reciprocal or ICS One-Way and the other stating permitted by applicable law to do so and have
that we would use only ICS Reciprocal, and (B) the reasonable grounds to do so to protect our own legal or
box stating that we might use either ICS Reciprocal business interests or the legal or business interests of
or ICS One-Way was checked. IntraFi or BNY Mellon.
(ii) Section 2 of Schedule 2 is deemed to (d) IntraFi may use and disclose any and all
provide that we will use only the Reciprocal Feature analyses, comparisons, indexes, or other data or
if (A) Schedule 4 to the version that you signed information assembled, compiled, or otherwise
contained two check boxes, one stating that we developed by IntraFi, including information regarding
might use either ICS Reciprocal or ICS One-Way aggregated activity of ICS depositors, as long as it does
and the other stating that we would use only ICS not individually identify you.
Reciprocal, and (B) the box stating that we would use
only ICS Reciprocal was checked. 10.2. Tax Reporting and Withholding
(iii) Section 2 of Schedule 2 is deemed to (a) To the extent required by applicable law, we
provide that we will use only the One-Way Feature if will file with the U.S. Internal Revenue Service ("IRS'),
Schedule 4 to the version that you signed contained and furnish to you, IRS Form 1099-1NT or its equivalent,
no check boxes regarding the use of ICS Reciprocal or IRS Form 1042-5 or its equivalent, for interest paid
or ICS One-Way. on the Deposit Accounts by the Destination Institutions.
(e) If you signed a previous version of this (b) If we are notified by the IRS that backup
Agreement that was captioned "ICS Deposit Placement withholding is required for interest on the Deposit
Agreement' and became a party to the current version Accounts, or if we otherwise determine that we are
of the Agreement as a result of having been given notice required by applicable law to collect such backup
of amendment, Section 3 of Schedule 2 is deemed to withholding, we will collect it and pay it to the IRS.
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10.3. Liability and Dispute Resolution 10.4. Miscellaneous
(a) We will maintain, directly or through a Service (a) This Agreement constitutes the entire
Provider, appropriate records of our placements for you. agreement between you and us relating to the
We will not place deposits for you through ICS at a placement of deposits through ICS and any other matter
Destination Institution that is the subject of a then- herein, supersedes prior agreements, understandings,
effective exclusion on your Exclusions List, at a negotiations, representations, and proposals, whether
Destination Institution that is the subject of a then- written or oral, relating to any matter herein, and may
effective rejection by you, or at a Destination Institution not be amended by any oral representation or oral
under one Depositor Identifier in an amount that agreement. This Section 10.4(a) will not affect the.
exceeds the SMDIA. validity of any written addenda to this Agreement into
which we have entered with you.
(b) If all or part of your funds in a Deposit Account
at a Destination Institution are uninsured because of our (b) Schedule 1 and Schedule 2 are incorporated
failure to comply with the requirements set forth in into and made part of this Agreement. We may amend
Section 10.3(a), and if the Destination institution fails this Agreement, including any Schedule, prospectively
and you do not otherwise recover the uninsured portion, by giving you written notice of the amendment at least
we will reimburse you for your documented loss of the fourteen (14) days before the effective date of the
uninsured portion that you do not otherwise recover. amendment, which will be specified in the amendment
or, if no effective date is specified in the amendment, the
(C) SUBJECT TO OUR REIMBURSEMENT OBLIGATION date that is fourteen (14) days after we give you written
IN SECTION 10.3(b), AND EXCEPT AS MAY SE OTHERWISE notice of the amendment. We may provide written
REQUIRED BY APPLICABLE LAW, WE WILL NOT BE LIABLE„ AND notice of the amendment by means of a posting on the
IN NO EVENT WILL INTRAFI OR BNY MELLON BE LIABLE, TO DCP, an entry on your account statement, an email
YOU OR TO ANY OTHER PERSON OR ENTITY FOR ANY LOSS message, or a printed letter.
OR DAMAGE INCURRED OR ALLEGEDLY INCURRED IN
CONNECTION WITH THIS AGREEMENT. WITHOUT LIMITING (c) Either party may terminate this Agreement on
THE FOREGOING, WE, INTRAFI, AND BNY MELLON WILL NOT written notice to the other, but the obligations of both
HAVE ANY LIABILITY TO YOU OR ANY OTHER PERSON OR parties will survive with respect to any funds deposited
ENTITY FOR: (i) ANY LOSS ARISING OUT OF OR RELATING TO at the time of termination. In addition, the provisions of
A CAUSE OVER WHICH WE DO NOT HAVE. DIRECT CONTROL, this Section 10.4 will survive termination.
INCLUDING THE FAILURE OF ELECTRONIC OR MECHANICAL
EQUIPMENT OR COMMUNICATION LINES, TELEPHONE OR (d) Except as provided in Section 2.2(d), this
OTHER INTERCONNECT PROBLEMS, UNAUTHORIZED ACCESS, Agreement may not be assigned, in whole or in part, by
THEFT, OPERATOR ERRORS, GOVERNMENT RESTRICTIONS, either party except by operation of law or as required by
OR FORCE MAJEURE (E. G. , EARTHQUAKE, FLOOD, SEVERE applicable law, and any purported assignment in
OR EXTRAORDINARY WEATHER CONDITIONS, NATURAL violation hereof is void.
DISASTERS OR OTHER ACT OF GOD, FIRE, ACTS OF WAR,
TERRORIST ATTACKS, INSURRECTION, RIOT, STRIKES, LABOR (e) The headings in this Agreement are not
DISPUTES OR SIMILAR PROBLEMS, ACCIDENT, ACTION OF intended to describe, interpret, define, or limit the scope,
GOVERNMENT, COMMUNICATIONS, SYSTEM OR POWER meaning, or intent of this Agreement or any clause in it-
FAILURES, OR EQUIPMENT OR SOFTWARE MALFUNCTION), (ii) Except as otherwise specified, a reference to a Section
DELAY IN ANY FDIC INSURANCE PAYMENT, (iii) THE is a reference to a section of this Agreement. A
FINANCIAL CONDITION OF ANY DESTINATION INSTITUTION OR reference to a Schedule is a reference to a schedule to
THE ACCURACY OF ANY FINANCIAL INFORMATION ABOUT ANY this Agreement. The term "applicable law" refers to all
DESTINATION INSTITUTION, OR (iV) ANY SPECIAL, INDIRECT, applicable statutes, rules, regulations, and judicial
PUNITIVE, INCIDENTAL, OR CONSEQUENTIAL DAMAGES orders, whether federal, state, or local. The words
(INCLUDING LOST PROFITS). include," "includes," and "including" do not imply
exclusion-
(d) ANY DISPUTE ARISING OUT OF OR IN CONNECTION (f) This Agreement and, unless otherwise
WITH THIS AGREEMENT WILL BE GOVERNED BY THE DISPUTE
RESOLUTION, ARBITRATION, CHOICE OF LAW, VENUE, provided in the Custodial Agreement, the Custodial
Agreement may be executed in counterparts, each of
WAIVER OF JURY TRIAL, AND COSTS RELATED TO DISPUTES whic
h
PROVISIONS, $F ANY, CONTAINED IN THE CUSTODIAL which shall be deemed to be an original, but such
AGREEMENT. counterparts shall, together, constitute only one
instrument. This Agreement and, unless otherwise
10 ICS DPA - Version 2022-11
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provided in the Custodial Agreement, the Custodial PDF document), or photocopied signature that we
Agreement will be valid, binding, and enforceable accept. Each DocuSignO eSignature, other electronic
against you and us when executed by one of the signature, or faxed, scanned, or photocopied signature
following means that we accept: (i) an original manual that we accept shall for all purposes have the same
signature, (ii) a DocuSigne eSignature or another validity, legal effect, and admissibility in evidence as an
electronic signature that we accept, or (iii) a faxed, original signature, and you and we waive any objection
scanned (including in a Portable Document Format or to the contrary.
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By signing below, you ("Depositor"} and we ("Relationship Institution") agree to be legally bound by this ICS Deposit
Placement Agreement, effective when you and we have signed it. If the Custodial Account will be a joint account, each
owner of the Custodial Account must sign this Agreement.
RELATIONSHIP INSTITUTION SOLE OR PRIMARY DEPOSITOR
Institution: Glens Falls National Bank & Trust Comparn Depositor: Town of Queensbury
Signature: Signature:
Name and title of authorized signatory: Name and title of authorized signatory (if not individual):
Date signed: Depositor TIN or approved alternate identifier (and type):
Email:
Date signed:
ADDITIONAL DEPOSITOR (FOR JOINT ACCOUNT)
Depositor:
Signature:
Depositor TIN or approved alternate identifier (and type):
Email!
Date signed:
ADDITIONAL DEPOSITOR (FOR JOINT ACCOUNT)
Depositor:
Signature:
Depositor TIN or approved alternate identifier (and type):
Email:
Date signed:
(Add signature lines as needed.)
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Schedule 1 to ICS Deposit. Placement Agreement
Program Deposits and Program Withdrawals
This Schedule 1 is part of the ICS 'Deposit Placement Agreement ("Agreement"). Terms not defined in this
Schedule 1 have the meanings, if any, assigned elsewhere in the Agreement.
1 . Specified Terms
(a) For RDAs, the Target Balance, Minimum Sweep Amount, and Minimum Return Amount are as follows:
Target Balance Minimum Sweep Amount Minimum Return Amount
F$ $ o $ o
(b) For MMDAs, the Target Balance, Minimum Sweep Amount, and Minimum Return Amount are as follows:
Target Balance Minimum Sweep Amount Minimum Return Amount
$ o J $ o $ o
(c) The Same-Day Deposit Cutoff Time is as follows:
AM PM Eastern Central DMountain Elpacific
(insert time) (check AM or PM) (check time zone)
Daylight Saving Time applies when nationally in effect unless checked here F1
2. Program Deposits
(a) The Triggering Event for a Regular Program Deposit is a net change in your Root Account balance that causes
it to exceed the Target Balance by more than the Minimum Sweep Amount. After posting all your Root Account activity
for a Business Day, we will determine whether your Root Account balance exceeds the Target Balance by more than
the Minimum Sweep Amount. Subject to the terms and conditions of this Agreement, if such a Triggering Event occurs,
we will transfer the amount by which your Root Account balance exceeds the Target Balance to the Deposit Accounts
at ICS Settlement on the next Business Day.
(b) The Triggering Event for a Same-Day Program Deposit is a Same-Day Program Deposit request by you that we
receive and accept before the Same-Day Deposit Cutoff Time on a Business Day. Subject to the terms and conditions
of this Agreement, if such a Triggering Event occurs, we will transfer the requested amount to the Deposit Accounts at
ICS Settlement later on the same Business Day.
(c) If a Triggering Event for a Program Deposit occurs, we may debit the Root Account and credit a holding account
before the transfer of funds to the Deposit Accounts occurs at ICS Settlement,
3. Proaram Withdrawals
(a) All Program Withdrawals will be Regular Program Withdrawals, which occur on the Business Day following the
Triggering Event. The Triggering Event for a Program Withdrawal is a net change in your Root Account balance, after
the posting of all your Root Account activity for a Business Day, that causes it (exclusive of any amounts that we credit
as advances in anticipation of a Program Withdrawal) to be less than the Target Balance by more than the Minimum
Return Amount. Subject to the terms and conditions of this Agreement, if such a Triggering Event occurs, we will transfer
an amount from the Deposit Accounts at ICS Settlement on the next Business Day, up to the available amount in the
Deposit Accounts, sufficient to restore your Root Account balance to the Target Balance.
(b) Subject to the terms and conditions of this Agreement, and subject to the rules and cutoff times that otherwise
apply to root accounts with us, we will honor your debit transactions in the Root Account so long as the sum of your Root
Account balance and your balance in the Deposit Accounts of the applicable type, after taking into account any pending
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Program Deposits and any pending Program Withdrawals, is not less than zero. We will do so even if the amount of the
debit transaction exceeds your Root Account balance. You will owe us any amounts that we credit as advances in
anticipation of a Program Deposit and we will retain those amounts from the funds we receive at ICS Settlement.
(c) If a Triggering Event for a Program Withdrawal occurs, we may credit the Root Account and debit a holding
account before the transfer of funds from the Deposit Accounts occurs at ICS Settlement.
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Schedule 2 to ICS Deposit Placement Agreement
Account Type, Placement Feature, and Exclusions
This Schedule 2 is part of the ICS Deposit Placement Agreement ("Agreement"). Terms not defined in this Schedule
2 have the meanings, if any, assigned elsewhere in the Agreement.
1 . Account Type
We will place deposits for you in DDAs.
We will place deposits for you in MMDAs. You may use up to six MMDA Program
Withdrawals per month.
QWe may place deposits for you in DDAs or o No per-month MMDA Program Withdrawal
in MMDAs. limit applies.
(Check one above.) (If MMDAs will or may be used, check one above_)
2. Placement Feature
QWe may use the Reciprocal Feature, the One-Way Feature, or both in placing
deposits for you.
We will use only the Reciprocal Feature in placing deposits for you.
We will use only the One-Way Feature in placing deposits for you.
(Check one above.)
3. Exclusions
(a) You may place depository institutions on your Exclusions List by identifying them in the list below, unless we
specify another means by which you will provide your Exclusions List.
(b) The Exclusions List should include the city and state of the depository institution's main office (rather than the
city and state of a branch location). The Exclusions List may also include the institution's FDIC certificate number or
transit routing number. If you do not list any exclusions enter "none" under Name of Institution on the first line (but your
signature after a blank list will constitute your acknowledgment that you have not listed any exclusions).
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(c) Exclusions List:
Name of Depository Institution City and State FDIC Certificate or Flouting Number
(Add lines if necessary.)
Signature of sole or primary Depositor
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Custodial Agreement
You, the undersigned, enter into this Custodial Agreement ("Agreement") with the following financial institution (""we"
or "us"):
Glens Falls National Bank & Trust Company
1 . Pursuant to this Agreement, you authorize us to hold and act as your custodian with respect to all deposit
accounts, including all time deposits, money market deposit accounts, and demand deposit accounts, issued or
established pursuant to the CDARS Deposit Placement Agreement, the iCS Deposit Placement Agreement, or a
predecessor agreement ("Deposit Accounts") for funds of yours placed as deposits through CDARSO, the Certificate of
Deposit Account Registry Service, or ICS, the IntraF"s Cash Service, and all your security entitlements and other related
interests and assets with respect to the Deposit Accounts ("Related Entitlemente). The custodial account in which we
will hold the Deposit Accounts and Related Entitlements ("Custodial Account") comprises all the CDARS and ICS
custodial accounts that we maintain for you_
2. As your custodian, we may (1) cause the Deposit Accounts to be titled in our name or in the name of our sub-
custodian, (ii) collect for your account all interest and other payments of income or principal pertaining to the Deposit
Accounts, (iii) endorse on your behalf any check or other instrument received for your account that requires endorsement,
(iv) in accordance %Mth your instructions, deposit your 'funds in, or withdraw your funds from, the Deposit Accounts, (v)
in accordance with your instructions, deliver or transfer funds from another account with us to the Deposit Accounts or
deliver or transfer funds from the Deposit Accounts to another account with us, (vi) for Deposit Accounts that are time
deposits, surrender for payment for your account maturing CDs and those for which early withdrawal is requested, (vii)
execute and deliver or file on your behalf all appropriate receipts and releases and other instruments, including whatever
certificates may be required from custodians or may be necessary to obtain exemption from taxes and to name you
when required for the ,purpose of the instrument, and (viii) take such other actions as are customary or necessary to
effectuate the purposes of this Agreement.
3. For purposes of Article 8 of the Uniform Commercial Code in applicable state law ("UCC"), we will act as your
securities intermediary for, and will treat as financial assets, any Deposit Accounts and Related Entitlements that we
hold for you pursuant to this Agreement. The Custodial Account will be a securities account, as defined in the UCC.
4. We may comply with any writ of attachment, execution, garnishment, tax levy, restraining order, subpoena,
warrant, or other legal process that we believe (correctly or otherwise) to be valid_ We may notify you of such process
by telephone, electronically, or in writing. If we are not fully reimbursed for records research, imaging, photocopying,
and handling costs by the party that served the process, we may charge such costs to your account, in addition to any
minimum fee we charge for complying with legal processes.
5. We may honor any legal process that is served personally, by mail, or by electronic mail or facsimile transmission
at any of our offices or an office of our agent (including locations other than where the funds, records, or property sought
is held), even if the law requires personal delivery at the office where your account or records are maintained.
B. We will have no liability to you for any good-faith act or omission by us in connection with this Agreement. You
agree to indemnify us and our sub-custodian, and to hold us and our sub-custodian harmless from, all expenses
(including counsel fees), liabilities, and claims arising out of any good-faith act or omission by us in connection with this
Agreement or compliance with any legal process relating to the Custodial Account that we believe (correctly or otherwise)
to be valid. You agree to pay any service charges that we impose on the Custodial Account.
7. You may be an individual in an individual capacity, more than one individual in a joint capacity, or a trust,
partnership, corporation, or other legal entity. We may accept instructions on your behalf from any individual who signs
this Agreement as or on behalf of a Depositor and from any of the following individuals:
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(Add lines if necessary.)
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By signing below, you ("Depositor") and we ("Relationship Institution") agree to be legally bound by this Custodial
Agreement, effective when you and we have signed it. If the Custodial Account will be a joint account, each owner of
the Custodial Account must sign this Agreement.
RELATIONSHIP INSTITUTION SOLE OR PRIMARY DEPOSITOR
Institution: Glens Falls National Sank a Trust Company Depositor_ Town of Queensbury
Signature: Signature:
Name and title of authorized signatory: Name and title of authorized signatory (if not individual):
Date signed: Depositor TIN or approved alternate identifier (and type):
Email:
Date signed.
ADDITIONAL DEPOSITOR (FOR JOINT ACCOUNT)
Depositor:
Signature:
Depositor TIN or approved alternate identifier (and type):
Email:
Date signed:
ADDITIONAL. DEPOSITOR (FOR ,JOINT ACCOUNT)
Depositor:
Signature:
Depositor TIN or approved alternate identifier (and type):
Email:
Date signed:
(Add signature lines as needed.)
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