Loading...
239.99 RESOLUTION AUTHORIZING BANKING SERVICES RESOLUTION NO.: 239, 1999 INTRODUCED BY: Mr. Douglas Irish WHO MOVED ITS ADOPTION SECONDED BY: Mr. Richard Merrill WHEREAS, the Queensbury Town Controller previously requested proposals from qualified commercial banks with banking offices in the Queensbury area and Capital District to provide banking services for the Town, such services to include handling of the Town’s primary deposit accounts and related services, third-party collateralization and electronic banking, and WHEREAS, the Town Controller received proposals from five banks and the proposals were evaluated and ranked by the Town Controller and Town Finance Committee, and WHEREAS, the Town Controller and Finance Committee have recommended that the Town Board authorize the following banking relationships beginning immediately: Evergreen Bank 1. - to serve as primary depository of demand and money market accounts thth in accordance with the terms of the bank’s proposal dated June 18, 1999 until June 30, 2001, with an option for the Town to extend the services for one year at the same terms; Glens Falls National Bank & Trust Company 2. - to maintain the Town’s payroll account th until June 30, 2001 at the same terms now in effect (no service charges, bank furnishes all check forms and stationery); Chase Manhattan Bank 3. - to be authorized depositories of time deposits on an “as bid, as th awarded” basis, until June 30, 2001; Fleet Bank, NA 4. - to be authorized depositories of time deposits on an “as bid, as th awarded” basis, until June 30, 2001; Trustco Bank 5. - to be authorized depositories of time deposits on an “as bid, as awarded” th basis, until June 30, 2001; NOW, THEREFORE, BE IT RESOLVED, that the Town Board of the Town of Queensbury hereby authorizes and directs the following banking relationships beginning immediately: Evergreen Bank 1. - to serve as primary depository of demand and money market accounts thth in accordance with the terms of the bank’s proposal dated June 18, 1999 until June 30, 2001, with an option for the Town to extend the services for one year at the same terms; Glens Falls National Bank & Trust Company 2. - to maintain the Town’s payroll account th until June 30, 2001 at the same terms now in effect (no service charges, bank furnishes all check forms and stationery); Chase Manhattan Bank 3. - to be authorized depositories of time deposits on an “as bid, as th awarded” basis, until June 30, 2001; Fleet Bank, NA 4. - to be authorized depositories of time deposits on an “as bid, as th awarded” basis, until June 30, 2001; Trustco Bank 5. - to be authorized depositories of time deposits on an “as bid, as awarded” th basis, until June 30, 2001; contingent upon all banks executing and complying with a Third Party Collateralization Agreement Option B (bank monitoring of balances) in form to be approved by Town Counsel, and 2 BE IT FURTHER, RESOLVED, that the Town Board of the Town of Queensbury further authorizes and directs the Town Controller and/or Town Supervisor to execute any forms or agreements in form approved by Town Counsel necessary to effectuate the terms of this Resolution. th Duly adopted this 19 day of July, 1999, by the following vote: AYES : Mr. Tucker, Mr. Merrill, Mr. Turner, Mr. Irish, Mr. Champagne NOES : None ABSENT: None 3