2003-035RESOLUTION NO. 2003-035
RESOLUTION AUTHORIZING TEMPORARY DEPOSITS
AND INVESTMENTS OF TOWN FUNDS
At the 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 the 2nd day of January, 2003, at 7:30 P.M.
The meeting was called to order by Joseph Ruggiero, Supervisor, and upon roll
being called, the following were present:
PRESENT: Supervisor - Joseph Ruggiero
Councilmen - Robert L. Valdati
Vincent F. Bettina
Joseph P. Paoloni
Christopher J. Colsey
ABSENT:
The following Resolution was introduced by Mr. Colsey and seconded by
Mr. Paoloni
WHEREAS, it has come to the attention of this Town Board of the Town of
Wappinger that there are now or may be in the future, funds and monies, except proceeds
of loans and monies the investment of which is otherwise provided by law, belonging to
the Town which are or which may be in excess of the amount required for immediate
expenditure to pay current expenses and obligations, and
WHEREAS, it is or it may be to the advantage of the Town to deposit and/or
invest all or part of such funds in special time deposit accounts, or in, certificates of
deposit issued by banks or trust companies located and authorized to do business in this
State, short term obligations of the United States of America and/or the State of New
York, and
WHEREAS, it appears that the Temporary Deposit and/or investment of such
excess and surplus funds may be beneficial and profitable to the Town of Wappinger,
NOW THEREFORE, IT IS HEREBY RESOLVED, that the duly elected,
qualified and acting Supervisor of the Town of Wappinger be and he hereby is
authorized, empowered and directed to deposit and /or invest such surplus and excess
funds of the Town in the aforesaid manner pursuant to Section 11 of the General
Municipal Law of the State of New York, and
BE IT FURTHER RESOLVED, that such Temporary Deposits and/or
investments shall be secured, registered or held, as the case may be in the manner
prescribed by Section 11 of the General Municipal Law of the State of New York, and
BE IT FURTHER RESOLVED, that the Supervisor of the Town of Wappinger
be and he hereby authorized and empowered to invest and participate in a Flexi-Cash
program, sponsored by Merrill, Lynch, Pierce, Fenner and Smith, Inc., and administered
by the Bank of New York, in the manner prescribed by Section I I of the General
Municipal Law, and
BE IT FURTHER RESOLVED, that the aforesaid Supervisor of this Town be
and he hereby is authorized, empowered and directed to take all steps necessary from
time to time to carry out and implement this Resolution.
The foregoing was put to a vote which resulted as follows:
JOSEPH RUGGIERO, Supervisor
Voting Ave
ROBERT L. VALDATI, Councilman
Voting Aye
VINCENT F. BETTINA, Councilman
Voting Aye
JOSEPH P. PAOLONI, Councilman
Voting Aye
CHRISTOPHER J. COLSEY, Councilman
Voting Aye
Dated: Wappingers Falls, New York
January 2, 2003
The Resolution is hereby duly declared adopted.
GLORIA J. SE, CLERK