Allegany County: Legislature seeks to do biz with new banks, increase holdings

Allegany County lawmakers will vote on this resolution Nov. 27: 
Pursuant to County Law § 212 and General Municipal Law § 10

RESOLVED:

1.         That paragraph 1 of Resolution No. 82-2011, as further amended by Resolution No. 289-15, is amended with the additions of M & T Bank and Tompkins Bank of Castile to the list of designated depositories,

2.         That paragraph 1 of Resolution No. 82-2011, as further amended by Resolution No. 289-15, shall also be amended to increase the maximum amounts to read as follows:      

-Community Bank of NY 50,000,000
-Five Star Bank and Trust $50,000,000
-JP Morgan Chase $50,000,000
-Steuben Trust Company $50,000,000
-Key Bank $25,000,000 

-M & T Bank $25,000,000 **New Depository

-Tompkins Bank of Castile $25,000,000 **New Depository

MEMORANDUM OF EXPLANATION

 

COMMITTEE: Ways and Means

(Pursuant to County Law 212 and Genera! Municipal Law 10)

 

DATE: November 15, 2017

Requesting an amendment to Resolution # 289-15 Designation of Depositories with maximum deposit amounts. I am requesting to increase the limits that can be held at our approved depositories and add two new banks to the designated list as detailed below for

investment purposes.

 

FISCAL IMPACT: no dollar impact at this time but will allow us to take advantage of investment opportunities to potentially increase our earnings.