004.2002
RESOLUTION AUTHORIZING BANKING TRANSACTIONS
RESOLUTION NO.: 4, 2002
INTRODUCED BY: Mr. Tim Brewer
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Daniel Stec
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 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,
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:
Dennis R. Brower, Supervisor
Theodore Turner, Deputy Supervisor
Henry S. Hess, Comptroller
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
Comptroller and Town Counsel and are hereby designated as approved Depositories:
Evergreen Bank, NA
Glens Falls National Bank and Trust Company
Chase Manhattan Bank
Fleet Bank
Trustco Bank
3.The Town Supervisor and Town Comptroller, or either 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 established by the Town Comptroller.
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.
5.The Town Supervisor, Deputy Town Supervisor and Town Comptroller and their
successors and any other person authorized by statute, regulation or Court Order of 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 of the three persons listed (i.e., the Town
Supervisor, Deputy Town Supervisor and Town Comptroller) shall be required to sign
any checks, drafts, acceptances and other instruments.
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6.The Town Supervisor and Town Comptroller are authorized singly, within operational
procedures established by the Town Comptroller, 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 and Town Comptroller 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.
st
Duly adopted this 1 day of January, 2002, by the following vote:
AYES : Mr. Brewer, Mr. Brower, Mr. Boor, Mr. Stec
NOES : None
ABSENT: Mr. Turner
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