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