584.2004
RESOLUTION AUTHORIZING ENGAGEMENT OF GLENS FALLS
NATIONAL BANK AND TRUST COMPANY AS INVESTMENT
MANAGEMENT AGENT FOR FIRE COMPANY SERVICE AWARD
PROGRAM AND AUTHORIZING INVESTMENT MANAGEMENT
AGREEMENT AND UPDATED INVESTMENT POLICY
RESOLUTION NO.: 584, 2004
INTRODUCED BY: Mr. Theodore Turner
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Roger Boor
WHEREAS, in 1995, the Queensbury Town Board adopted Local Law No. 4 of 1995 which
Local Law amended the Town of Queensbury’s Fire Service Award Program to broaden the nature
and type of investments that could be made with the Program funds, and
WHEREAS, in furtherance of such authorization, the Town Board wishes to approve and
authorize the Investment Policy as part of the Investment Management Agreement with the Glens Falls
National Bank and Trust Company for the Town’s Volunteer Fire Service Award Program, and
WHEREAS, copies of the Investment Policy and Investment Management Agreement are
presented at this meeting and are in form acceptable to the Town’s Budget Officer and Counsel,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby acknowledges that the Town of
Queensbury is the trustee for the Town’s Volunteer Firefighter Service Award Program, and
BE IT FURTHER,
RESOLVED, that the Town Board hereby authorizes the continued engagement of Glens
Falls National Bank and Trust Company as an investment management agent and hereby approves
and authorizes the updated Investment Policy, as Exhibit A of the Investment Management
Agreement, and such Exhibit A constitutes the investment policy to be used as the objective in
managing the Town of Queensbury’s Volunteer Fire Department Service Award Program, and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs the Town Supervisor to
execute the Investment Policy as part of the Investment Management Agreement with Glens Falls
National Bank and Trust Company, and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs the Town Supervisor,
Town Budget Officer and/or Town Counsel to take any other action necessary to effectuate the
terms of this Resolution.
th
Duly adopted this 29 day of November, 2004, by the following vote:
AYES: Mr. Strough, Mr. Brewer, Mr. Stec, Mr. Boor, Mr. Turner
NOES: None
ABSENT:None
2