2021-6
2021-6
Resolution Designating Various Banks As The Offical 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 11, 2021.
The meeting was called to order by Richard Thurston, Town Supervisor, and upon roll
being called, the following was recorded:
Vote Record - Resolution RES-2021-6
Yes/Aye No/Nay Abstain Absent
Adopted
Richard Thurston Voter
Adopted as Amended
William H. Beale Voter
Defeated
Angela Bettina Seconder
Tabled
Christopher Phillips Voter
Withdrawn
Al Casella Mover
The following Resolution was introduced by Casella and seconded by Councilwoman
Bettina.
BE IT 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
JP Morgan Chase
Trustco Bank
Ulster Savings Bank
; and
BE IT FURTHER 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 Twenty Million Dollars ($20,000,000.00); and
BE IT FURTHER 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; and
BE IT FURTHER 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; and
BE IT FURTHER 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; and
BE IT FURTHER 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; and
BE IT FURTHER 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
; and
BE IT FURTHER 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; and
BE IT FURTHER 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; and
BE IT FURTHER 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; and
BE IT FURTHER 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
; and
BE IT FURTHER 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; and
BE IT FURTHER 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; and
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: Al Casella, Councilman
SECONDER: Angela Bettina, Councilwoman
AYES: Thurston, Beale, Bettina, Phillips, Casella
Dated: Wappingers Falls, New York
1/11/2021
The Resolution is hereby duly declared Adopted.
___________________________________________
JOSEPH P. PAOLONI, TOWN CLERK