Town Board Minutes - Organizational Meeting

Meeting date: 
Monday, January 10, 2011

ORGANIZATION MEETING

January  10, 2011

Page 1

The Organizational Meeting of the Town of Royalton Town Board was held n Monday, January 10, 2011, at the Royalton Town Hall, 5316 Royalton Center Road, Middleport, NY  14105.  Supervisor Richard J. Lang called the meeting to order at 7:00 PM with the Pledge to the Flag.

The following were present:

Supervisor                                Richard J. Lang

Deputy Supervisor                    James Budde

Town Clerk                              Deputy Town Clerk, Jill Seelbinder

Councilpersons             Jennifer Bieber, Daniel Bragg

Highway Superintendent           Terry Nieman

Water/Sewer Superintendent    Daniel Morse

Assessor                                  Thomas Arlington

Town Attorney             Thomas Brandt

Also present were:                    See Attached Sheets

Absent was Councilman Bradley Rehwaldt

Deputy Town Clerk, Jill Seelbinder read off each of the resolutions to be voted on.

RESOLUTION 06-11

2011 APPOINTMENTS

On a motion made by Councilman Budde, seconded by Councilman Bragg, the following resolutions was

ADOPTED                  AYES  4          Lang, Bieber, Bragg, Budde

                                    NAYS 0          None                                                    MOTION CARRIED

Resolved that the following appointments of the Town Officials and Town Employees for the year commencing January 1, 2011 and ending December 31, 2011, unless otherwise specified be made:

Deputy Supervisor                                            James Budde

Budget Officer                                      Richard J. Lang

Registrar                                                           Marie L. Little, RMC

Deputy Registrar                                               Jill Seelbinder

Deputy Town Clerk 1                                       Jill Seelbinder

Deputy Town Clerk 2                                       Barbara Bartholomew

Deputy Town Clerk 3                                       Patricia Hinds

Deputy Water & Sewer Superintendent            David Peters

Deputy Highway Superintendent                       Charlene Surace

Highway Clerk                                     Charlene Surace

Water Clerk                                                     Barbara Bartholomew

Water Payment Collection Clerk                       Marie L. Little, RMC

Cemetery Clerk                                                Marie L. Little, RMC

Deputy Tax Collector                                       Marie L. Little, RMC

Clerk Park-Time for Ditching Program  Paul Bruning

Town Historian                                     Jesse Bieber

Dog Control Officer                                          Tim Divita

Park Custodian                                     Joe Miller

Bingo Inspector                                                Patricia Hinds

Games of Chance Inspector                              John Swick

ORGANIZATIONAL MEETING

JANUARY 10, 2011

Page 2

Zoning Board of Appeals                                  Kevin Dossett

Zoning Board of Appeals Clerk                        Jeanette Frasier

Planning Board Member                                   Kevin Covel

Planning Board Clerk                                        Jeanette Frasier

Town Engineers                                                TVGA Consultants

Town Consulting Attorney                                Thomas Brandt of Brandt, Roberson & Brant

Custodian                                                         Rodney (Mike) Richards

Court Constable                                               John Swick

Confidential Secretary to Supervisor                 Lorretta Criswell

Board of Ethics                                     George Lacey

                                                                        Alfred Wroblewski

Court Clerks                                                    Daphne Berg

                                                                        JoAnne Swick

Code Enforcement Officer                                Thomas Arlington

Assessor                                                          Michael Hartman

RESOLUTION 07-11

AUTHORIZATION TO PURCHASE HIGHWAY EQUIPMENT

On a motion by Councilwoman Bieber, seconded by Councilman Bragg, the following resolution was 

ADOPTED                  AYES  4          Lang, Bieber, Bragg, Budde

                                    NAYS  0         None                                                    MOTION CARRIED                   

Resolved that pursuant to Section 142 (1a) of the Highway Law of the State of New York, the Superintendent of Highways of the Town of Royalton, be authorized to purchase equipment, tools, and implements without prior approval of the Town Board in an amount not to exceed $2,000.00 and to further purchase gravel for Town requirements at a price not to exceed the set County price.  The Highway Superintendent is further authorized to rent necessary equipment at a stated standard price as set by the State of New York and to purchase necessary items at the current or subsequent County or State bid price.

            

RESOLUTION 08-11

ANNUAL ASSOCIATION OF TOWNS MEETING

On a motion by Councilman Bragg, seconded Councilman Budde, the following resolutions was

ADOPTED                  AYES  4                      Lang, Bieber, Bragg, Budde

                                    NAYS  0                     None                                        MOTION CARRIED

 

Resolved to authorize the members of the Town Board, Town Clerk, Highway Superintendent,

Assessor, Tax Collector, Town Justices and any other authorized personnel to attend the Association of Towns meeting in New York City in February 2011, with necessary expenses to be reimbursed.

RESOLUTION 09-11

AUTHORIZED TRAINING SESSIONS

On a motion by Councilman Bragg, seconded Councilman Budde, the following resolutions was

ADOPTED                  AYES  4                      Lang, Bieber, Bragg, Budde

                                    NAYS  0                     None                                        MOTION CARRIED

Resolved to authorize the Highway Superintendent to attend the Spring and Fall Highway Superintendent's School, and to authorize the Town Clerk to attend the NYS Town Clerk's Association training seminar and also to authorize the Supervisor to attend the Supervisor's Seminar. 

ORGANIZATION MEETING

JANUARY 10, 2011

Page 3

RESOLUTION 10-11

AUTHORIZED LOBBY DAYS

On a motion by Councilman Budde, seconded Councilman Bragg, the following resolutions was

ADOPTED                  AYES  4                      Lang, Bieber, Bragg, Budde

                                    NAYS  0                     None                                        MOTION CARRIED

Resolved to authorize the Highway Superintendent Terry Nieman to go to Albany for Lobby Days on March 8 & 9, 2011.

RESOLUTIONS 11-11

DESIGNATION OF DEPOSITORY BANK

On a motion made by Councilman Budde, seconded by Councilwoman Bieber the following resolutions was

ADOPTED                  AYES  4                      Lang, Bieber, Bragg, Budde

                                    NAYS  0                     None                                        MOTION CARRIED

 

Resolved to designate HSBC Bank USA, Middleport, New York, as the depository of monies of the Town of Royalton.

RESOLUTION 12-11

INVESTMENT AUTHORIZATION FOR FISCAL OFFICER

On a motion made by Councilwoman Bieber, seconded by Councilman Budde the following resolutions was

ADOPTED                  AYES  4                      Lang, Bieber, Bragg, Budde

                                    NAYS  0                     None                                        MOTION CARRIED

 

Resolved to authorize Richard J. Lang, Supervisor and Fiscal Officer of the Town of Royalton, to institute and deposit in interest bearing accounts any sum of money and for such periods of time and for such rates as can be obtained, as in his opinion of the fiscal condition of the Town of Royalton permits and warrants.  Be it FURTHER RESOLVED that Richard J. Lang, Supervisor of the Town of Royalton, be authorized to invest from time to time such surplus amounts of town funds as in his opinion is warranted in interest bearing United States Government Bonds or Treasury Notes and in interest bearing notes from Royalton Hartland Central School.

RESOLUTION 13-11

DESIGNATION OF OFFICIAL NEWSPAPER

On a motion made by Councilman Budde, seconded by Councilwoman Bieber the following resolutions was

ADOPTED                  AYES  4                      Lang, Bieber, Bragg, Budde

                                    NAYS  0                     None                                        MOTION CARRIED

Resolved to designate the Union Sun & Journal, Lockport, New York, as the Official Newspaper of the Town of Royalton, for the year commencing January 1, 2011.

ORGANIZATIONAL MEETING

JANUARY 10, 2011

Page 4

RESOLUTION 14-11

REGULAR BOARD MEETING DATES

On a motion made by Councilwoman Bieber, seconded by Councilman Bragg the following resolutions was

ADOPTED                  AYES  4                      Lang, Bieber, Bragg, Budde

                                    NAYS  0                     None                                        MOTION CARRIED

Resolved that the Town Board shall set its Regular Meeting on the second Monday of each month at 7:30 PM, with the exception of the October Meeting, which will be held on the third Monday of the month, or as resolution adopted at the preceding Regular Meeting.

RESOLUTION 15-11

REGULAR BOARD MEETING DATES

On a motion made by Councilwoman Bieber, seconded by Councilman Bragg for the following resolutions was

ADOPTED                  AYES  4          Lang, Bieber, Bragg, Budde

                                    NAYS  0         None                                                    MOTION CARRIED

Resolved to set the Work Session date for the Board Meeting on the Wednesday preceding the second Monday of the month at 5:30 PM.

RESOLUITION 16-11

COMPENSATION RATE FOR USE OF PERSONAL VEHICLES FOR TOWN BUSINESS

On a motion made by Councilwoman Bieber, seconded by Councilman Bragg for the following resolutions was

ADOPTED                  AYES  4          Lang, Bieber, Bragg, Budde

                                    NAYS  0         None                                                    MOTION CARRIED

Resolved that Town Officials and Town Employees be compensated for the use of their automobiles connected with town business and affairs at the IRS Standard Rate, which is currently set at $.51 per  mile.

RESOLUTION 17-11

SALARIES FOR TOWN OFFICIALS

On a motion made by Councilman Bragg, seconded by Councilwoman Bieber for the following resolutions was

ADOPTED                  AYES  4          Lang, Bieber, Bragg, Budde

                                    NAYS  0         None                                                    MOTION CARRIED

Resolved that the salaries of the Town Officials and Town Employees for the year commencing    January 1, 2011 and ending December 31, 2011 be set at the amounts respectively stated and authorized in the Annual Budget adopted on November 8, 2010, and as listed below:  (All salaries are paid on a bi-weekly schedule unless otherwise noted.)

            Supervisor                                                        $16,000.00

            Councilmen (4)                                     $  6,000.00 each

            Town Justices (2)                                             $17,057.00 each

            Town Clerk                                                      $38,901.00

ORGANIZATION MEETING

JANUARY 10, 2011

Page 5

            Highway Superintendent                                   $56,034.00

            Water/Sewer Superintendent                            $53,847.00

            Assessor                                                          $31,594.35

            Building Inspector                                             $  8,160.00

            Zoning Enforcement Officer                              $  8,160.00

            Tax Collector                                                   $  6,367.00

            Budget Officer                                      $  3,000.00

            Water Collection Clerk                         $  3,570.00

            Cemetery Clerk                                                $  1,020.00

            Deputy Supervisor                                            $     750.00

            Assessor's Clerk (P/T)                         $       15.71/hour

            Highway Clerk (P/T)                                        $       15.71/hour

Deputy Town Clerk 1 (P/T)                              $       15.59/hour

Deputy Town Clerk 2/Water (P/T)                   $       18.01/hour

Justice Clerks (2 - P/T)                                    $       15.71/hour

Confidential Secretary to Supervisor (P/T)        $       16.96/hour

Court Constable                                               $       17.91/hour

Custodian                                                         $       11.00/hour

Town Historian                                     $  2,000.00 annual

Consulting Attorney                                          $   150.00 / hour

Engineering (TVGA)                                         $   150.00 / month as per contract

Zoning Board Chairman                                    $     75.00 / meeting

Zoning Board Members & Clerk                      $      65.00 / meeting

Planning Board Chairman                                  $      75.00 / meeting

Planning Board Members & Clerk                    $      65.00 / meeting

Bingo Inspector                                                $      46.00 / inspection

Games of Change Inspector                              $      45.00 / inspection

Assessment Board of Review                            $      60.00 per Diem

Water / Sewer Hourly Employees                     per Union Contract

Highway Dept. Hourly Employees                     per Union Contract

RESOLUTION 18-11

2011 HOLIDAY SCHEDULE

On a motioned made by Councilman Budde, seconded by Councilwoman Bieber for the following resolution was

ADOPTED                  AYES 4           Lang, Bieber, Bragg, Budde

                                    NAYS 0          None                                                    MOTION CARRIED

Resolved that the Royalton Town Offices will follow the Niagara County Holiday Schedule and will be closed on the following holidays:

Martin Luther King Day                Labor Day                                Day after Thanksgiving

President's Day                            Columbus Day (observed)        ½ day Christmas Eve

Good Friday                                 Election Day                             Christmas Day

Memorial Day (observed)           Veteran's Day                            1/2day New Year's Eve

Independence Day                        Thanksgiving Day                     New Year's Day

                                                                                                    One Floating Holiday

ORGANIZATIONAL MEETING

JANUARY 10, 2011

PAGE 6

RESOLUTION 19-11

UNION CONTRACT - HOLIDAY, SICK, VACATION BENEFITS

On a motion made by Councilman Bragg, seconded by Councilman Budde for the following resolution was

ADOPTED                  AYES 4           Lang, Bieber, Bragg, Budde

                                    NAYS             None                                                    MOTION CARRIED

Resolved that the Highway Department hourly employees and Water/Sewer Department hourly employees be governed per their Union Contract regarding sick time, personal time, vacation time and legal holidays as listed in their contract.  

RESOLUTION 20-11

BUDGET APPROPRIATION CONTRACT PAYMENTS

On a motion made by Councilwoman Bieber, seconded by Councilman Budde for the following 

Resolution was

ADOPTED                  AYES 4           Lang, Bieber, Bragg, Budde

                                    NAYS 0          None                                                    MOTION CARRIED

Resolved to authorize the Supervisor to make the following Budget Appropriation/Contract payments when funds are available:

$88,034.00                        Gasport Fire Protection

        $39,906.00                        Gasport Fire District

        $88,034.00                        Middleport Volunteer Fire Company

        $88,034.00                        Terry's Corners Volunteer Fire Company

        $91,897.00                        Wolcottsville Volunteer Fire Company

        $30,117.00                        Rapids Volunteer Fire Company

        $  5,500.00                        Middleport Free Library        

        $  1,000.00                        Gasport Senior Citizens

        $  1,000.00                        Middleport Senior Citizens

        $  1,000.00                        Wolcottsville Senior Citizens

        $     600.00                        Royalton Historical Society

RESOLUTION 21-11

PROCUREMENT POLICY

On a motion made by Councilman Budde, seconded by Councilwoman Bieber for the following resolution was

ADOPTED                  AYES 4           Lang, Bieber, Bragg, Budde

                                    NAYS 0          None                                                    MOTION CARRIED

Resolved to adopt the following Procurement Policy:

•A.                 $1.00 to $2,000.00 - purchase is at the discretion of the Department Head without prior board approval.  (Department Heads will be responsible for their employees who sign for goods or services on their behalf to be billed to their budget lines.)

ORGANIZATION MEETING

JANUARY 10, 2011

Page 7

•B.                 $2,001.00 - $10,000.00 - purchase must include two (2) verbal quotations or written quotations with documentation attached to voucher or Purchase Order and must be approved by the Town Board prior to placing the order.

•C.                 Over $10,000.00 - purchase must be done through advertisement for sealed bids. 

            

                        Individuals authorized to purchase goods and services under this Procurement Policy are as follows:

•·        Richard J. Lang, Supervisor

•·        James Budde, Deputy Supervisor

•·        Marie L. Little, RMC, Town Clerk

•·        Barbara A. Bartholomew, Deputy Town Clerk

•·        Jill Seelbinder, Deputy Town Clerk

•·        Terry Nieman, Highway Superintendent

•·        Charlene Surace, Deputy Highway Superintendent 

•·        Daniel Morse, Water/Sewer Superintendent

•·        David Peters, Water/Sewer Deputy Superintendent

•·        Thomas Arlington, Code Enforcement Officer

•·        Michael Hartman, Assessor

•·        Gregory A. Bass, Town Justice

•·        Margaret Raduns, Town Justice

•·        Joanne K. Swick, Tax Collector 

•·        Timothy Divita, Dog Control Officer

•·        Jesse Bieber, Historian

RESOLUTION 22-11

ENGINEERING FORM DESIGNATION

On a motion made by Councilwoman Bieber, seconded by Councilman Bragg, the following resolution was

ADOPTED                  AYES 4                       Lang, Bieber, Bragg, Budde

                                    NAYS 0                      None                                        MOTION CARRIED

Resolved to designate TVGA - Tallamy, Van Kuren, Gertis & Associates, as the Town Engineers for the Town of Royalton.  

RESOLUTION 23-11

DESIGNATION OF OFFICAL LAW FIRM & TOWN PROSECUTOR

On a motion made by Councilwoman Bieber, seconded by Councilman Bragg, the following resolution was

ADOPTED                  AYES 4                       Lang, Bieber, Bragg, Budde

                                    NAYS 0                      None                                        MOTION CARRIED

Resolved to designate Brandt, Roberson, & Brandt, PC as the official law firm for the Town of Royalton.  This firm will also act as the Town Prosecutor for the Town of Royalton Courts.

ORGANIZATIONAL MEETING

JANUARY 10, 2011

Page 8

RESOLUTION 24-11

DESIGNATION OF CPA FIRM FOR YEAR-END AUDIT

On a motion made by Councilman Budde, seconded by Councilman Bragg, the following resolution was

ADOPTED                  AYES 4                       Lang, Bieber, Bragg, Budde

                                    NAYS 0                      None                                        MOTION CARRIED

Resolved to designate Berry & Berry, CPA's to conduct the end of year audit for the Town of Royalton.  

RESOLUTION 25-11

INVESTMENT POLICY

On motion made by Councilman Budde, seconded by Councilman Bragg, the following resolution was

ADOPTED                  AYES 4                       Lang, Bieber, Bragg, Budde

                                    NAYS 0                      None                                        MOTION CARRIED

Resolved to adopt the Investment Policy of the Town of Royalton.   

 

TOWN OF ROYALTON 

CURRENT INVESTMENT POLICY 

(Dated:  January 10, 2011)

 

                The objective of the Investment Policy of the Local Government is to minimize risk; to insure that investments mature when the cash is required to finance operations; and to insure a competitive rate of return.  In accordance with this policy, the Chief Fiscal Officer is hereby authorized to invest all funds including proceeds of obligations and reserve funds in: 

 

•Ø       Certificates of Deposit issued by a bank or trust company authorized to do business in New York State; 

•Ø       Time Deposit Accounts in a bank or trust company authorized to do business in New York State; 

•Ø       Obligations of New York State; 

•Ø       Obligations of the United States Government; 

•Ø       In Repurchase Agreements involving the purchase and sale of direct obligations of the United States. 

 

All funds except Reserve Funds may be invested in:

 

•Ø       Obligations of agencies of the federal government if principal and interest is guaranteed by the United States. 

•Ø       With the approval of the State Comptroller, in Revenue Anticipation Notes or Tax Anticipation Notes of other local governments. 

 

Only reserve funds may be invested in:

 

•Ø       Obligations of the Local Government. 

 

All other Local Government officials receiving money in their official capacity must deposit such funds in negotiable order of withdrawal accounts. 

 

All investments made pursuant to this Banking investment policy was established and shall comply with the following conditions. 

 

COLLATERAL

 

•Ø       Certificates of deposit shall be fully secured by insurance of the Federal Deposit Insurance Corporation or by obligations of New York State or obligations of the United States or obligations of federal agencies the principal and interest of which are guaranteed by the United States, or obligations of New York State local governments.  Collateral shall be delivered to the Local Government or a Custodial Bank with which the Local Government has 

ORGANIZATIONAL MEETING

JANUARY 10, 2011

Page 8

 

•Ø       entered into a Custodial Agreement.  The market value of collateral shall at all times equal or exceed the principal amount of the certificate of deposit.  Collateral shall be monitored no less frequently than weekly, and market value shall mean the bid or closing price as quoted in the Wall Street Journal or as quoted by another recognized pricing service.  

 

•Ø       Securities purchased through a repurchase agreement shall be valued to market at least weekly.  

 

•Ø       Collateral shall now be required with respect to the direct purchase of obligations of New York State, obligations of the United States, and obligations of federal agencies the principal and interest of which are guaranteed by the United States Government. 

                        

DELIVERY OF SECURITIES

 

•Ø       Repurchase Agreements.  Every Repurchase Agreement shall provide for payment to the seller only upon the seller's delivery of obligations of the United States to the Custodial Bank designated by the Local Government, or in the case of a book-entry transaction, when the obligations of the United States are credited to the Custodian's Federal Reserve Bank account.  The seller shall not be entitled to substitute securities.  Repurchase agreements shall be for periods of 30 days or less.  The Custodial Bank shall confirm all transactions in writing to insure that the Local Government's ownership of the securities is properly reflected on the records of the Custodial Bank. 

•Ø       Payment shall be made by or on behalf of the Local Government for obligations of New York State, obligations the principal and interest of which are guaranteed by the United States, United States Obligations, Certificates of Deposit, and other purchased securities upon the delivery thereof to the custodial bank, or in the case of a book-entry transaction, when the purchased securities are credited to the Custodial Bank's Federal Reserve System account.  All transactions shall be confirmed in writing.  

 

WRITTEN CONTRACTS

•Ø       Written contracts are required for Repurchase Agreements, certificates of deposit, and custodial undertaking.  With respect to the purchase of obligations of United States, New York State, or other governmental entities, etc. in which monies may be invested, the interests of the Local Government will be adequately protected by conditioning payment on the physical delivery of purchased securities to the Local Government or Custodian, or in the case of the book-entry transactions, on the crediting of purchased securities to the Custodian's Federal Reserve System account.  All purchases will be confirmed in writing to the Local Government.  

 

•Ø       It is therefore, the policy of the Local Government, to require written contracts as follows: 

 

•A.       Written contracts shall be required for all Repurchase Agreements.  Only credit worthy banks and primary reporting dealers shall be qualified to enter into a Repurchase Agreement with the Local Government.  The written contract shall provide that only obligations of the United States may be purchased, and the Local Government shall make payment upon delivery of the securities or appropriate book-entry of the purchased securities.  No specific repurchase agreement shall be entered into unless a master repurchase agreement has been executed between the Local Government and the trading partners.  While the term of the master repurchase agreement may be for a reasonable length of time, a specific repurchase agreement shall not exceed thirty (30) days. 

 

•B.      Written contracts shall be required for the purchase of all certificates of deposit. 

 

•C.      A written contract shall be required with the Custodial Bank. 

 

 

 

 

 

 

 

 

ORGANIZATIONAL MEETING

JANUARY 10, 2011

Page 9

DESIGNATION OF CUSTODIAL BANK

•Ø       Custodial Bank.  HSBC Bank USA, chartered by the State of New York, is designated to act as Custodial Bank of the Local Government's investments.  However, securities may not be purchased through a Repurchase Agreement with the Custodial Bank. 

 

FINANCIAL STRENGTH OF INSTITUTIONS

 

•Ø       All trading partners must be credit worthy.  Their financial statements must be reviewed at least annually by Chief Fiscal Officer to determine satisfactory financial strength or the Chief Fiscal Officer may use credit rating agencies to determine credit worthiness of trading partners.  Concentration of investments in financial institutions should be avoided. 

 

•Ø       Investments in time deposits and certificates of deposit are to be made with banks or trust companies.  Their annual reports must be reviewed by the Chief Fiscal Officer to determine satisfactory financial strength.  

 

•Ø       When purchasing eligible securities, the seller shall be required to deliver the securities to our Custodial Bank. 

 

•Ø       Repurchase Agreements shall be entered into only with banks or trust companies or registered and primary reporting dealers in government securities.  Sound credit judgments must be made with respect to trading partners in repurchase agreements.  It is not assumed that inclusion on a list of the Federal Reserve is automatically adequate evidence of credit worthiness.  

 

•Ø       Repurchase Agreements should not be entered into with undercapitalized trading firms. 

 

•Ø       A margin of 5% or higher of the market value of purchased securities in repurchase agreements must be maintained. 

 

OPERATIONS, AUDIT, AND REPORTING

 

•Ø       The Chief Fiscal Officer or the Deputy Chief Fiscal Officer shall authorize the purchase and sale of all securities and execute contracts for Repurchase Agreements and certificates of deposit on behalf of the Local Government.  Oral directions concerning the purchase or sale of securities shall be confirmed in writing.  The Local Government shall pay for purchased securities upon the delivery or book-entry thereof. 

 

•Ø       The Local Government will encourage the purchase and sale of securities and certificates of deposit through a competitive or negotiated process involving telephone solicitation of at least three bids for each transaction. 

 

•Ø       At the time independent auditors conduct the annual audit of the accounts and financial affairs of the Local Government, the independent auditors shall audit the investments of the Local Government for compliance with the provisions of these Investment Guidelines. 

 

•Ø       Within sixty (60) days of the end of each of the first three (3) quarters of the fiscal year, the Chief Fiscal Officer shall prepare and submit to the Audit and Finance Committee of the Local Government a quarterly investment report which indicate new investments, the inventory of existing investments, and such other matters as the Chief Fiscal Officer deems appropriate. 

 

•Ø       Within 120 days of the end of the fiscal year, the Chief Fiscal Officer shall prepare and submit to the Audit and Finance committee an annual investment report; recommendations for change in these Investment Guidelines; the results of the annual independent audit; the investment income record; a list of total fees, commissions or other changes, if any, paid to the Custodial Bank and such other matters as the Chief Fiscal Officer deems appropriate. 

 

•Ø       The Governing Board of the Local Government shall review and approve the annual investment report, if practicable, at its annual meeting. 

 

•Ø       At least annually, and if practicable, at the annual meeting of the Governing Board, the Members shall review and amend, if necessary, these Investment Guidelines. 

 

ORGANIZATION MEETING

JANUARY 10, 2011

Page 10

 

 

•Ø       The provisions of these Investment Guidelines and any amendments hereto shall take effect prospectively, and shall not invalidate the prior selection of any Custodial Bank or prior investment. 

 

As per the RESOLUTION dated January 10, 2011, the following banking institutions are included in the INVESTMENT POLICY: 

 

                                Key Bank of Western New York, N.A. 

                                Fleet Bank of New York 

                                Manufacturers and Traders Trust Company 

                                HSBC Bank USA 

                                Chemical Bank 

                                Bank of Akron 

 

RESOLUTION 26-11

AGREEMENT FOR THE EXPENDITURE OF HIGHWAY MONIES

On a motion made by Councilman Budde, seconded by Councilman Bragg, the following resolutions was

ADOPTED                              AYES 4                       Lang, Bieber, Bragg, Budde

                                                NAYS 0                      None

                                                                                                                        MOTION CARRIED

Resolved to authorize the Town Board members to sign the "Agreement for the Expenditure of Highway Moneys, Section 284, of the Highway Law".  This agreement is made between the Town of Royalton Town Board and the Town of Royalton Highway Superintendent authorizing him to expend the moneys authorized in his budget in the amount of $900,285.00 for General Repairs for basic work and general maintenance upon the 82.57 miles of town highways, including sluices, drainage ditches, culverts and bridges having a span of less than five feet, tree and brush removal, board walks, sidewalks that are the responsibility of the Town, emergency activities as such are authorized by the Town Board, and other activities involved with the care, upkeep and maintenance of highways and bridges of the Town. 

There being no further information to come before this board for the Organizational Meeting, a motion was made by Councilman Budde, seconded by Councilwoman Bieber and carried unanimously that the Organizational Meeting be closed at  7:15 PM.

Respectfully submitted,

Patricia Hinds

Deputy Town Clerk