2020-5
2020-5
Resolution Designating Various Banks As The Official Depositories For The Town Of
Wappinger
At a Reorganization 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 8, 2020.
The meeting was called to order by Richard Thurston, Town Supervisor, and upon roll
being called, the following was recorded:
Vote Record - Resolution RES-2020-5
Yes/Aye No/Nay Abstain Absent
Adopted
Richard Thurston Voter
Adopted as Amended
William H. Beale Mover
Defeated
Angela Bettina Voter
Tabled
Christopher Phillips Seconder
Withdrawn
Al Casella Voter
The following Resolution was introduced by Councilman Beale and seconded by
Councilman Phillips.
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
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
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
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
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 H. Beale, Councilman
SECONDER: Christopher Phillips, Councilman
AYES: Thurston, Beale, Bettina, Phillips, Casella
Dated: Wappingers Falls, New York
1/8/2020
The Resolution is hereby duly declared Adopted.
___________________________________________
JOSEPH P. PAOLONI, TOWN CLERK