2017-9 2017-9
Resolution Designating Various Banks As The Offical Depositories For The Town Of Wappinger
At a Regular Meeting of the Town Board of the Town of Wappinger, Dutchess County, New York, held
at Town Hall, 20 Middlebush Road, Wappingers Falls, New York, on January 9, 2017.
The meeting was called to order by Lori A. Jiava, Town Supervisor, and upon roll being called, the
following was recorded:
✓Vote Record-Resolution RES-2017-9
Q Adopted Yes/Aye No/Nay Abstain Absent
❑ Adopted as Amended Lori A.Jiava Voter Q ❑ ❑ ❑
❑ Defeated William H.Beale Seconder Q ❑ ❑ ❑
❑ Tabled William Ciccarelli Mover Q ❑ ❑ ❑
❑ Withdrawn John J.Fenton Voter Q ❑ ❑ ❑
Michael Kuzmicz Voter Q ❑ ❑ ❑
The following Resolution was introduced by Councilman Ciccarelli and seconded by Councilman Beale.
RESOLVED, that the banks listed below, all located and authorized to do business in the State of New
York(hereinafter the `Banks") are hereby designated as the depositories of the Town of Wappinger:
Putnam County Savings Bank
M&T Bank
Tompkins Mahopac Bank
Rhinebeck Bank
Citizens Bank
TD Bank North
JP Morgan Chase
Trustco Bank
Ulster Savings Bank
RESOLVED, that until further order of the Town Board of the Town of Wappinger, the maximum
amount that may be kept on deposit at the aforementioned Banks at any one time is Five Million Dollars
($5,000,000.00).
RESOLVED, that the Town Supervisor of the Town of Wappinger is hereby authorized to execute and
deliver all security and custody agreements relating to the pledge of collateral by the Bank as security for the
deposit of public funds by, and the investment of public funds of, the Town of Wappinger government and the
custody of such collateral and investments all in such form as may be approved by any such officers, such
approval to be evidence of the execution of any such agreement.
RESOLVED, that the Town of Wappinger is authorized to accept an Eligible Surety Bond as security
for the deposit of public funds by the Town of Wappinger, having such terms and conditions as shall be
approved by resolution of the Town of Wappinger or as set forth in the investment policy adopted by the Town
of Wappinger.
RESOLVED, that the Banks are hereby appointed as an agent of and custodian for the Town of
Wappinger to hold collateral pledged by the Banks as security for deposits of public funds by the Town of
Wappinger and to hold investments of the Town.
RESOLVED, that the following officers of the Town of Wappinger be and hereby are, and each of
them hereby is, authorized to open accounts or otherwise to conduct business with the aforementioned Banks
and to deposit any of the funds of the Town of Wappinger in the Banks either at its head office or at any of its
branches:
Town Supervisor or Deputy Supervisor
Town Clerk
Receiver of Taxes
Justices of the Justice Court
Such officers are also authorized to give any and all instructions to charge accounts of the Town of Wappinger
which they have opened with the aforementioned Banks. Any one or more of these officers are also authorized
to enter into agreements with the Banks with respect to products or services relating to the accounts or other
Bank services, including, but not limited to, wire and other funds transfers products, night deposits, safe deposit
boxes and direct deposit of payroll, in whatever form as may be approved by that officer.
RESOLVED, that until further order of the Town of Wappinger, any funds of the Town of Wappinger
deposited in the aforementioned Banks or placed with the Banks for investment are subject to withdrawal,
transfer or charge at any time and from time to time, electronically or otherwise, upon checks, authorizations,
letters or other instruments, orders, items or instructions for the payment or transfer of money when made,
signed, drawn, accepted, endorsed or given, orally, in writing, or by any other means, on behalf of the Town of
Wappinger by any one of the following:
Town Supervisor or Deputy Supervisor
Town Clerk
Receiver of Taxes
Justices of the Justice Court
RESOLVED, that the Banks are hereby authorized to pay any such check, authorization, letter, or other
instrument, order or item or execute any such instructions or effect any such withdrawal, transfer or charge and
also to receive the same from the payee or any other holder without inquiry as to the circumstances of issues,
withdrawal, transfer or charge or the disposition of the proceeds, even if drawn to the individual order of or paid
to any signing person, or payable to the Banks or others for his or her account, or tendered in payment of his or
her individual obligation, and whether drawn against an account in the name of the Town of Wappinger or in
the name of any officer or agent of the Town of Wappinger as such, and, at the option of the Banks, even if the
account shall not be in credit to the full amount of such instrument, withdrawal, transfer or charge.
RESOLVED, that the Banks, as designated depository of the Town of Wappinger, be and hereby are
requested, authorized and directed to honor all checks, authorizations, letters, or other instruments, orders, items
or instructions for the payment or transfer of money when made, signed, drawn, accepted, endorsed or given in
the Town of Wappinger name on its account(s) (including but not limited to those drawn to the individual order
of or paid to any person or persons whose name or names thereon as signor or signers thereof or who deliver
such instructions) when bearing or purporting to bear the facsimile signature(s) of any one of the following:
Town Supervisor or Deputy Supervisor
Town Clerk
Receiver of Taxes
Justices of the Justice Court
and the Banks shall be entitled to honor and to charge the Town of Wappinger for all such checks,
authorizations, letters, or other instruments, orders, items or instructions regarding the payment or transfer of
money, regardless of by whom or by what means the actual or purported facsimile signature or signatures
thereon may have been affixed thereto if such facsimile signature or signatures resemble the facsimile
specimens from time to time filed with the Banks by the recording officer or other officer of the Town of
Wappinger.
RESOLVED, that the Town Supervisor of the Town of Wappinger is authorized to open one or more
accounts with the Banks for the provision of investment advisory, custodial and other investment services on
behalf of the Town of Wappinger (the "Account") and to execute agreements (including amendments thereto)
on behalf of the Town of Wappinger with respect to the Account.
RESOLVED, that the following officers of the Town of Wappinger are authorized to instruct the
Banks, in writing, orally, electronically or by means of telex, TWX, facsimile transmission, bank wire or other
teleprocess, regarding any notices, instructions or requests made by the Town of Wappinger in accordance with
any security agreement with the Banks, and the establishment, modification or replacement of investment
objectives for the Account, the purchase, sale, transfer or other disposition of funds or property held in the
Account, the transfer of funds or property into the Account, and any other matters concerning the Account:
Town Supervisor or Deputy Supervisor
Town Clerk
Receiver of Taxes
Justices of the Justice Court
RESOLVED, that the Town of Wappinger be and hereby is authorized to certify to the Banks the names
of the present officers of the Town of Wappinger and other persons authorized to sign for it (including but not
limited to persons to whom such officers or authorized persons have delegated their authority) and the offices
respectively held by them, if any, together with specimens of their signatures, and in case of any change of
authorized persons or of any holder of any such office or holders of any such officers, the fact of such change
and the name of any new officers and the offices respectively held by them, if any, together with specimens of
their signatures; and the Banks be and are hereby authorized to honor any checks, notes, drafts, bills of
exchange, acceptances, undertakings, authorizations, letters, or other instruments, orders, items or instructions
or agreements or other documents signed by any new officer or officers in respect of whom it has received any
such certificate or certificates or by any such person with the same force and effect as if said officer or said
officers or person were named in the foregoing resolutions.
RESOLVED, that the Banks be promptly notified in writing by the Town of Wappinger Clerk of any
change in these resolutions, such notice to be given to each office of the Banks in which any account of the
Town of Wappinger may be maintained or from which any product or service affected by such change is
provided to the Town of Wappinger, and that until it has actually so received such notice in writing it is
authorized to act in pursuance of these resolutions, and that until it has actually received such notice and has had
a reasonable opportunity to act upon such notice, it shall be indemnified and saved harmless from any loss
suffered, claim or liability incurred by it in continuing to act in pursuance of these resolutions, even though
these resolutions may have been changed.
BE IT FURTHER RESOLVED, that the Town Clerk be, and is hereby directed to give notice of
adoption of this Resolution to each of the aforementioned banking institutions.
The foregoing was put to a vote which resulted as follows:
RESULT: ADOPTED [UNANIMOUS]
MOVER: William Ciccarelli, Councilman
SECONDER: William H. Beale, Councilman
AYES: Jiava, Beale, Ciccarelli, Fenton, Kuzmicz
Dated: Wappingers Falls, New York
1/9/2017
The Resolution is hereby duly declared Adopted.
JOSS P P. PAOLONI, TOWN CLERK