2001-018TOWN BOARD, TOWN OF WAPPINGER
AUTHORIZING TEMPORARY DEPOSITS
AND INVESTMENTS OF TOWN FUNDS
The following Resolution was offered by who moved its
adoption:
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 an/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 by and she
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
IT IS 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
IT IS FURTHER RESOLVED, that the Supervisor of the Town of
Wappinger be and she 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 11 of the General Municipal Law, and
IT IS FURTHER RESOLVED, that the aforesaid Supervisor of this
Town be and she hereby is authorized, empowered and directed to take all
steps necessary from time to time to carry out and implement this
Resolution. t
Seconded by:
Supervisor Smith _
Councilman Valdati
Councilman Bettina
Councilman Ruggiero
Councilman Paoloni
Adopted January 2001
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