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Putnam County Legislature

Laws & Notices

Local Law #5 of 2023 - Amend Chapter 41 of the County Code Entitled "Deposit & Investment Policy"

22 May 2023

Local Law # 5 of 2023

RESOLUTION #74

(Regular Full Meeting 04/04/2023)

 

 

RESOLUTION #74

 

APPROVAL/ LOCAL LAW TO AMEND CHAPTER 41 OF THE CODE OF PUTNAM COUNTY ENTITLED “DEPOSIT & INVESTMENT POLICY”

 

A Local Law to Amend Chapter 41 of the Code of Putnam County Entitled “Deposit & Investment Policy”

 

Be it enacted by the County Legislature of the County of Putnam as follows:

 

Section 1.

 

Section 41-5 of the Code of Putnam is hereby amended to read as follows:

 

Section 41-5 Designation of official depositories.

 

The banks and trust companies authorized for the deposit of monies up to the maximum amounts are:

 

DEPOSITORY NAME                                                                        MAXIMUM AMOUNT

 

JP Morgan Chase Bank NA                                                             $40,000,000

Key Bank                                                                                           $40,000,000

M&T Bank                                                                                          $40,000,000

Putnam County National Bank                                                        $20,000,000

PCSB Commercial Bank subsidiary of PCSB                               $40,000,000

TD Bank                                                                                             $50,000,000

Tompkins Mahopac National Bank                                                $30,000,000

Webster                                                                                              $40,000,000

 

Section 2.

 

Section 41-10 of the Putnam County Code entitled “Purchase of Investments”, Subsection 41-10 A(2) is hereby amended to read as follows:

 

(2)  By utilizing eligible cash management program(s), approved by the Putnam County Legislature in which can be invested a maximum amount of $50,000,000.  Approved Cash Management programs include:

 

Section 3.

 

Section 41-10 of the Putnam County Code entitled “Purchase of Investments”, is hereby amended by adding a new Subsection 41-10 A(2)(d) to read as follows:

 

(d)  NY Muni Trust

 

Section 4.

 

This local law shall take effect immediately.