390.93
RESOLUTION AUTHORIZING THIRD-PARTY CUSTODIAN AGREEMENTS
RESOLUTION NO. 390, 1993
INTRODUCED BY: Mr. Nick Caimano WHO MOVED FOR ITS ADOPTION
SECONDED BY: Mr. Michel Brandt
WHEREAS, the General Municipal Law of the State of New York
provides that the governing board of every local government shall
designate one or more banks or trust companies for the deposit of
public funds received by the Chief Fiscal Officer or any other
officer authorized by law to make deposits and the disposition of
which is not otherwise provided by law, and
WHEREAS, the General Municipal Law of the State of New York
also provides that all public deposits in excess of the amount
insured under the provisions of the Federal Deposit Insurance Act
shall be secured by a pledge of eligible securities, eligible
surety bonds or eligible letters of credit, as the same are more
specifically defined under General Municipal Law, Section 10, and
WHEREAS, Third-Party Custodian Agreements, with Addenda,
between the Town of Queensbury, First National Bank of Glens Falls
and M&T Bank, and between Glens Falls National Bank, the Town of
Queensbury and M&T Bank have been presented at this meeting,
NOW, THEREFORE, BE IT
RESOLVED, the Town Board of the Town of Queensbury, after
reviewing the Third-Party Custodian Agreement and Addendum thereto,
the Schedule of Eligible Securities and the Certificate of
Authorized Persons, as well as the letter form commitment by M&T
Bank (who will provide third-party custodial services in connection
with both agreements), approves and authorizes the Third-Party
Custodian Agreement with Glens Falls National Bank & Trust Company,
the M&T Bank and also the Agreement with the First National Bank of
Glens Falls and M&T Bank and hereby authorizes the Town Supervisor
to execute the same on behalf of the Town of Queensbury, to arrange
for the seal of the Town to be placed on the said Agreements (if
necessary) to execute the form letter provided by M&T Bank and to
take all other steps that may be necessary to arrange for the
execution and implementation of the Third-Party Custodian
Agreements, and be it further
RESOLVED, that the Town Board hereby directs that in the Third
Party Custodian agreement for Glens Falls National Bank and Trust
Company, Exhibit B Schedule of Eligible Securities (i) through (xi)
be marked with an X and in the Third Party Custodian agreement for
The First National Bank of Glens Falls Exhibit B Schedule of
Eligible Securities be left as the Bank has marked it items (i),
(iii), (iv) and (v) with an X.
Duly adopted this 6th day of July, 1993, by the following
vote:
AYES : Mrs. Monahan, Mrs. Goetz, Mr. Caimano, Mr. Tucker, Mr.
Brandt
NOES : None
ABSENT : None