 | RESOLUTION NO. 6 of 2011
DATED: January 1, 2011 | |
RESOLUTION DESIGNATING DEPOSITORIES FOR COUNTY FUNDS IN THE NAME OF THE COUNTY TREASURER DURING 2011 AND FIXING MAXIMUM AMOUNTS WHICH MAY BE KEPT ON DEPOSIT THEREIN AT ANY ONE TIME
| Resolution by Supervisor: | Sweet |
| | Seconded by: | Rajkowski |
WHEREAS, according to Section 212 of County Law, the Board of Supervisors shall designate the banks, bankers or banking associates for deposit of all County funds received by the County Treasurer heretofore according to law, and
WHEREAS, the Board of Supervisors, in accordance with said section, shall likewise specify the name of each so designated and the maximum amount, which may be kept on deposit therein at any one time in the name of said County Treasurer,
RESOLVED, pursuant to Section 212 of County Law, the following banks are hereby designated by the Montgomery County Board of Supervisors as a depositories for the deposit of County funds by the County Treasurer of this County and deposited in the name of said County Treasurer for the year 2011, namely:
NBT BANK, FONDA BRANCH, FONDA, NY
BANK OF AMERICA, AMSTERDAM BRANCH, AMSTERDAM, NY
KEY BANK, N.A., AMSTERDAM BRANCH, AMSTERDAM, NY
JP MORGAN CHASE BANK, 12 CORPORATE WOODS BLVD., ALBANY, NY
CITIZENS BANK, 833 BROADWAY, ALBANY, NY
FIRST NIAGARA BANK, AMSTERDAM BRANCH, AMSTERDAM, NY
, and
FURTHER RESOLVED, that the maximum amount of County funds which may be kept on deposit in said depositories at any one time in the name of the County Treasurer be and the same hereby is fixed and determined as follows:
NBT BANK, FONDA BRANCH, FONDA, NY - $20,000,000
BANK OF AMERICA, AMSTERDAM BRANCH, AMSTERDAM, NY - $20,000,000
KEY BANK, N.A., AMSTERDAM BRANCH, AMSTERDAM, NY - $10,000,000
JP MORGAN CHASE BANK, 12 CORP. WOODS BLVD., ALBANY, NY - $15,000,000
CITIZENS BANK, 833 BROADWAY, ALBANY, NY - $10,000,000
FIRST NIAGARA BANK, AMSTERDAM BRANCH, AMSTERDAM, NY - $10,000,000
,and
FURTHER RESOLVED, that said depositories shall give good and sufficient collateral as prescribed by law, as security for the amount so deposited in said depository, the amount thereof to be at least equal to the amount hereby authorized to be deposited by said bank on behalf of the County Treasurer shall also be approved as to the amount by the County Treasurer, and
FURTHER RESOLVED, that such designated depositories may execute their own undertaking and deposit on behalf of the County Treasurer outstanding unmatured bonds or other obligation of the United States of America, the State of New York, or of any County, Town, Village or School District in the State of New York, to the amount on deposit, less the amount certified by the depository as covered by insurance under the Federal Depositor Insurance Act as pursuant to Section 212, Subdivision 6 of the County Law of the State of New York, subject to approval of said County Attorney and said County Treasurer.
RESOLUTION ADOPTED with Aye(1868). (1/1/2011)
| cc: | County Clerk
County Treasurer
Depositories
|
| Voting Record | | Allen | (R) | Yes | 143 | | Baia | (R) | Yes | 137 | | Barone, Sr. | (R) | Yes | 139 | | Coddington | (R) | Yes | 84 | | DiMezza | (D) | Yes | 219 | | Greco | (R) | Yes | 139 | | Johnson | (D) | Yes | 137 | | Quackenbush | (R) | Yes | 158 | | Rajkowski | (R) | Yes | 147 | | Stagliano | (D) | Yes | 96 | | Strevy | (R) | Yes | 103 | | Sweet | (R) | Yes | 115 | | Thayer | (R) | Yes | 66 | | Walters | (R) | Yes | 49 | | Wheeler | (R) | Yes | 136 |
| | STATE OF NEW YORK County of Montgomery ss.:
This is to certify that I, the Undersigned, Clerk Of The Montgomery County Legislature, have compared the foregoing copy of resolution with the original resolution now on file in the office, and which was passed by the Montgomery County Legislature on the 1st day of January, 2011, a majority of all the members elected to the Legislature voting in favor therof, and that the same is a correct and true transcript of such original resolution and of the whole thereof.
IN WITNESS WHEREOF, I have set my hand and the official seal of the Montgomery County Legislature this 5th day of January, 2011
| | Totals: | Aye: | 1868 | | Nay: | 0 | |
| | Abstained: | 0 | | Absent: | 0 |
|