2004-038RESOLUTION NO. 2004-038
RESOLUTION AUTHROIZING TEMPORARY DEPOSITS AND
INVESTMENTS OF TOWN FUNDS
At the 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 the 5ch day of January, 2004, 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
Councilmember-
ABSENT:
Joseph Ruggiero
Robert L. Valdati
Vincent F. Bettina
Joseph P. Paoloni
Maureen McCarthy
The following Resolution was introduced by Mr. Valdati
Mr. Paoloni
and seconded by
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, BE IT 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
IT IS 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 11 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
ROBERT L. VALDATI, Councilmember
VINCENT F. BETTINA, Councilmember
Voting Ave
Voting Aye
Voting Aye
JOSEPH P. PAOLONI, Councilmember Voting Aye
MAUREEN MCCARTHY, Councilmember Voting Aye
Dated: Wappingers Falls, New York
January 5, 2004
The Resolution is hereby duly declared adopted.
GLORIA J. MORSE, TOWN CLER
TOWN OF WAPPINGER
TOWN CLERK
GLORIA J. MORSE
January 6, 2004
The Bank of New York
RepoNet Dept
One Wall Street 5th Floor
New York, NY 10286
Att: Branch Manager
TOWN CLERK'S OFFICE
20 MIDDLEBUSH ROAD
WAPPINGERS FALLS, NY 12590-0324
(845) 297-5771
SUPERVISOR
JOSEPH RUGGIERO
TOWN COUNCIL
VINCENT BETTINA
CHRISTOPHER J. COLSEY
JOSEPH P. PAOLONI
ROBERT L. VALDATI
At the Reorganization Meeting of the Town Board of the Town of Wappinger, held
January 5, 2004, the Bank of New York was designated as a depository for the Town of
Wappinger monies, for the Year 2004.
A certified Resolution authorizing the Use of a Mechanical Check Signing Device for the
Signing of Checks with a Facsimile Signature of the Supervisor of the Town of
Wappinger, is enclosed.
Thank you for your continuing courtesy and cooperation.
Sincerely,
61
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Gloria J.r'
Town Clerk
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encl.