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HomeMy WebLinkAbout1995-09-06 139 TOWN OF ENFIELD TOWN BOARD MEETING MINUTES WEDNESDAY, SEPTEMBER 6TH, 1995 6:30 P. M. The regular monthly meeting of the Town Board of the Town of Enfield was held Wednesday, September 6th, 1995 at the Enfield Community Building, 182 Enfield Main Road,Ithaca,N. Y. at 6:30 p.m.. Supervisor Owens presiding. Present: Supervisor,Jean Owens; Councilmen, Dougherty,VanNederynen,Achilles, Clark. Others Present: Highway Superintendent,Ron Updike;Town Clerk,Alice Laue. Pledge of Allegiance: Supervisor Owens led the assemblage in the Pledge of Allegiance to the Flag. Approval of August 2, 1995 Minutes: Motion made by Councilman Clark and seconded by Councilman Achilles that the Town Board of the Town of Enfield approve for adoption the minutes of the August 2, 1995 Town Board Meeting. Carried Unanimously Addition/Deletion to the Agenda: Motion made by Councilman Achilles and seconded by Councilman Clark that the Town Board of the Town of Enfield add the following items to the September 6th, 1995 Town Board Meeting agenda. Carried Unanimously Privilege of the Floor: Jack Hubbell,Hubbell Drive,expressed concerns about junk left in front of old town buildings and requested their removal. Peggy Hubbell, Hubbell Drive, asked about trailer replacement rumor. Communications: Bingo- 1958 law not filed- law null and void. SPCA; - Pam Stonebreaker, SPCA Director, spoke on dog statistics for 1994 and gave their proposal for 1996. 1995 contract in the amount of$5712.00, 2.5%increase for 1996 of$143.00. Proposed contract amount of$5855.00 for 1996. Director described dog enumeration service proposal. Karen Smith, SPCA Director,talked about cat control problem with county, talked about need for cat enumeration and how the towns could help with the cat control problem. Town Board Meeting Minutes September 6th, 1995 2 Tompkins County Planning-Karl Heck HUD update- Grant 1 - 1993 nineteen out of twenty-two cases completed. Grant II-1994 hopefully completed in Spring of 1996 1996 grant is a potential. Talked about a Town of Enfield Homeownership Program. Communications: - 'Tompkins County Board Representative-Dan Winch Thanked the Enfield Town Board for their support. Talked about 1996 County Budget. Pushing for zero tax increase. Budget process is going to be a long tough process. Enfield Fire Company: - Larry Stilwell Talked about Fire Company budget. Not much change,budget sent to Town Board members. Code Enforcement:-No report Highway Superintendent: - Ron Updike Superintendent Updike asked the Town Board of the Town of Enfield for a resolution approving the participation of the Town of Enfield Highway Department in the Authorization to Enter Drug and Alcohol Consortium with the county and other towns and villages. Motion made by Councilman Achilles and seconded by Councilman Clark that the Town Board of the Town of Enfield approve the participation of the Town of Enfield Highway Department in the Authorization to Enter Drug and Alcohol Consortium Resolution with the county, other towns and villages. (See attached resolution). Carried Unanimously Superintendent Updike asked the Town Board of the Town of Enfield to approve for adoption.a resolution drafted by Town Attorney Mulvey, pertaining to the obtainance of approximately.28 acres of land from Warren and Eleanor Adams on Griffin Road. The .28 acres of land would allow for the straightening out of one of the bends in Griffin Road. Motion made by Councilman Achilles and seconded by Councilman VanNederynen that the Town Board of the Town of Enfield approve the adoption of the resolution where the Town accepts the property upon the Adams' acceptance of the Town's offer of putting in a driveway pipe for the .28 acres of land. (See attached resolution). Carried Unanimously �u 142 Town Board Meeting Minutes September 6, 1995 3 Two bids received for old fuel tanks,highest bid of$240.00 accepted. Worked on Griffin Road this month. Planning Board: -Michelle Humphries Planning Board didn't meet month of August. Survey sent out on time,August 15, 1995. Mailing list needs to be updated. Surveys due September 15, 1995. Enfield Community Council-Art Howser Community Council working on Harvest Festival. Dates are October 27th, and 28th, 1995. Cemetery: -John Smith David Ahouse to start resetting stones in Christian Cemetery. Rumsey Cemetery- Supervisor Owens reported she contacted Elizabeth Stevenson Bennett's attorney and cemetery being deeded by Land Trust. Monthly Bills: - Motion made by Councilman Achilles and seconded by Councilman VanNederynen that the Town Board of the Town of Enfield approve for payment General Fund warrants 220-246 in the amount of$7,621.08,Highway Fund warrants 150- 173 in the amount of$12,000.50 totaling$19,621.58 and Small Cities Grant warrants in the amount of$53,611.99. Carried Unanimously Unfinished Business: - Solid.Waste Collection Fee-Not to be included on 1996 Property Tax bills. Enfield Community Building: -Highway Superintendent Updike George VanValen found the septic tank to be a very good cement tank. Larger than 500 gallons, less then 150 gallon tank,probably a 600 gallon tank. Mr. VanValen recommended that tank not be replaced but pumped every two years. Dry well needs to be protected from traffic. Dry well needs to be maintained. Councilman Clark read a letter from Mr. Ewald, Tompkins County Health Department in regards to septic system. Roof repairs hasn't taken place. Town Board Meeting Minutes September 6, 1995 4 Veteran Exemptions- Supervisor Owens Total.assessment value for war veterans,(assessed value of their property) $236,000.00-Non war veterans$539,000.00. Approximate combined total of $800,000.00 in assessed property valve for veterans. Apparently county and towns who have Veterans Exemption have it on a scale. Consensus of Board-tables for October Meeting. More information needed. New Business: - Investment Policy Supervisor Owens asked for the adoption of the Office of the State Comptroller's Investment Policy. Motion made by Councilman VanNederynen and seconded by Councilman Achilles that the Town Board of the Town of Enfield approve for adoption the Office of the State Comptroller's Investment Policy resolution. (See attached.) Carried Unanimously Building Permits-Councilman Achilles expressed concerns about the improvements of building sites with electrical hook-ups, etc., without obtaining a building permit. Adjournment: - Motion made by Councilman Achilles and seconded by Councilman Clark that the September 6th, 1995 regular Town Board meeting adjourn. Meeting adjourned at 8:55 p.m. Respectfully submitted, 44 Alice Laue Town Clerk 143 RESOLUTION INPES'PDMW POLICY i TOWN OF ENFIELD I . SCOPE This investment policy applies to all moneys and financial resources available for investment on its own behalf or on behalf of any other entity or individual. 08 TI18H The primary objectives of the local government ' s investment activities are, in priority order, * to conform with all applicable federal, state and other legal requirements(legal) ; * to adequately safeguard principal (safety) ; * to provide sufficient liquidity to meet all operating s requirements (liquidity) ; and * to obtain a reasonable rate of return (yield) . III . DELMATION OF AUTHORITY The governing board's responsibility for administration of the investment program is delegated to the TOWN SUPERVISOR who shall establish written procedures for the operation of the investment program consistent with these investment guidelines. Such procedures shall include an adequate internal control structure to provide a satisfactory level of accountability based on a data base or records incorporating description and amounts of investments, transaction dates, and other relevant information and regulate the activities of subordinate employees. I IV.. PRUDENCE All participants in the investment process shall seek to act responsibly as custodians of the public trust and shall avoid any transaction that might impair public confidence in the Town of Enfield to govern effectively. 1 Investments shall be made with judgment and care, under circumstances then prevailing, which persons of prudence discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the safety of the principal as well as the probable income to be derived. All participants involved in the investment process shall refrain from personal business activity that could conflict with proper execution of investment program, or which could impair their ability to make impartial investment decisions. V. DIVERSIFICATION it is the policy of the Town of Enfield to diversify its deposit and investments by financial insitution, by investment instrument, and by maturity scheduling. ; VI . INTERNAL CONTROLS It is the policy of the Town of Enfield for all moneys collected by any officer or employee of the governemtn to transfer those funds to the Town Supervisor within 7 days of deposit, or within the time period specified in law, whichever is shorter. The Town Supervisor is responsible for establishing and maintaining an internal control structure to provide reasonable, but not absolute, assurance that deposits and investments are safeguarded against loss from unauthorized use or disposition, that transactions are executed in accordance with management' s authorization and recorded properly, and are managed in compliance with applicable laws and regulations. VII . DESIGNATION OF DEPOSITARIES The banks and trust companies authorized for the deposit of monies up to the following maximum amounts are: Depository Name Maximum Amount Officer Tompkins County Trust Co. fiann . o00 First National Bank of Dryden $400_, 000 - Class-MBIA S400 Q00 _____ . 14 4 VIII . COLLATS MIZIR9 OF DEPOSITS in accordance with the provisions of General Municipal Law, #10, all deposits of the Town of Enfield including certificates of deposit and special time deposits, in excess of the amount insured under the provisions of the Federal Deposit Insurance Act shall be secured: 1 . By a pledge of "eligible securities" with an aggregate "market value" , or provided by General Municipal Law, #10, equal to the aggregate amount of deposits from the categories designated in Appendix A to the policy. 2 . By and eligible "irrevocable letter of credit"issued by a qualified bank other than the bank with the deposit in favor of the government for a term not to exceed 90 days with an aggregate value equal to 140% of the aggregate amount of deposits and the agreed upon interest, if any. A qualified bank is one whose commercial paper and other Unsecured short-term debt obligations are rated in one of the three highest rating categories by at least one nationally recognized statistical rating orgainization or by a bank that is in compliance with applicable federal minimum risk-based capital requirements. 3 . By an eligible surety bond payable to the government for an amount at least equal to 100% of the aggregate amount of deposits and the agreed upon interest, if any, executed by an insurance company authorized to do business in New York State, whose claims - paying ability is rated in the highest rating category by at least two nationally recognized statistical rating organizations . IX. SAFEKEEPING AND COLLATER1Z71TION Eligible securities used for collateralizing deposits shall be held by The First National Bank of Chicago bank or trust company subject to security and custodial agreements. The security agreement shall provide that eligible securities are being pledged to secure local government deposits together with agreed upon interest, if any, and any costs or expenses arising out of the collection of such deposits upon default. It shall also provide the conditions under which the securities may be sold, presented for payment, substituted or released and the events which will enable the local government to exercise its rights against the pledged securities shall be delivered in a form suitable for transfer or with an assignment in blank to the Town of Enfield or its custodial bank. The custodial agreement shall provide that securities held by the bank or trust company, or agent of and custodian for, the .local government, will be kept separte and apart from the general assets of the custodial bank or trust company and will not, in any circumstances, be commingled with or become part of the backing for any other deposit or other liabilities. The agreement .should also describe that the custodian shall confirm the receipt, substitution of securities when a change in the rating of a security may cause ineligibility. Such agreement shall include all provisions necessary to provide the local government a perfected interest in the securities. X. PERMITTED INVE3'1'M W—B As authorized by General Municipal Law, #11. The Town of Enfield authorized the Town Supervisor to invest moneys not required for immediate expenditure for terms not to exceed its projected cash flow needs in the following types of investments : * Special time deposit accounts; * Certificates of deposit; * Obligations of the United States of America; * Obligations guaranteed by agencies of the United States of America where the payment of principal and interest are guaranteed by the United States of America; * Obligations of the State of New York; 145 * Obligations issued pursuant to LFL #24 .00 or 25 .00 (with approval of the 'State Comptroller) by any municipality, school district or district corporation other ' than the Town of Enfield. * Obligations of public authorities, public housing authorities, urban renewal agencies and indutrial development agencies where the general State statutes governing such entities or whose specific enabling legislation authorizes such investments. * Certificates of Participation (COPS) issued pursuant to Gim, #109-b, * Obligations of this local government, but only with any moneys in a reserve fund established pursuant to GML„ #6-c, 6-d, 6-e, 6-g, 6-h, 6-j , 6-k, 6-1, 6-m, or 6-n. All investment obligations shall be payable or _redeemable at the option of the Town of. Enfield within such times as the proceeds will be needed the meet expenditures for purposes for which the moneys were provided and, in the case of obligations purchased with the proceeds of bonds or notes, shall be payable or redeemable at the option of the Town of Enfield within 2 years of the date of purchase. XI. AUTHORIZED FINANCIAL INSTITUTIONS AND DEALERS The Town of Enfield shall maintain a list of financial institutions and dealers approved for investment purposes and establish appropriate limits to the amount of investments which can be made with each financial institution or dealer. All financial institutions with which the local government conducts business mu3t be credit worthy. Banks shall provide their most recent Consolidated Report of Condition (Call Report) at the request of the (unit of government) . • Security dealers not affiliated with the New York Federal Reserve Bank, as primary dealers. The Town Supervisor is responsible for evaluating the financial position and maintaining a listing of proposed depositaries, trading partners and custodians. Such listing shall be evaluated at least annually. t XII. PURCHASE OF INVESTMENTS The Town Supervisor is authorized to contract for the purchase of investments: 1. Directly, including through a repurchase agreement, from an authorized trading partner. 2 . By participation in a cooperative investment program with another authorized governmental entity pursuant to Article 5G of the General Muncipal Law where such program meets all the requirements set forth in the Office of the State Comptroller Opinion No. 88-46, and the specific program has been authorized by the governing board. 3 . By, utilizing an ongoing investment program with any authorized tracking partner pursuant to a contract authorized by the governing board. All purchased obligations, unless registered or inscribed in the name of the local government, shall be purchased through, delivered to and held in the custody of a bank or trust company. Such obligations shall be purchased, sold for presented for redemption or payment by such bank or trust company only in accordance with prior written authorization from the officer authorized to make the investment. All such transactions shall be confirmed in writing to the Town of Enfield by the bank or trust company held pursuant to a written custodial agreement as described in General Municipal Law, #10. The custodial agreement shall provide that securities held by the bank or trust company, as agent of and custodian for, the local government, will be kept separate and apart from the general assets of the custodial bank or trust company will not, in any circumstances, be commingled with or become part of the backing for any other deposit or other liabilities. The agreement shall describe how the custodian shall confirm the receipt and release i of the securities. Such agreement shall include all provisions necessary to provide the local government a perfected interest in the securities. XIII. REPURCHASE AGREEMENTS Repurchase agreements are authorized subject to the following restrictions: All repurchase agreements must be entered into subject to a Master Repurchase Agreement. Trading partners are limited to banks or trust companies authorized to do business in New York State and primary reporting dealers . Obligations shall be limited to obligations of the United States of America and obligations of agencies of the United States of America where principal and interest are guaranteed by the United States of America. No substitution of securities will be allowed. The custodian shall be a party other than the trading partner. Moved: Councilman Achilles Seconded: Councilman Clark Carried Unanimously