HomeMy WebLinkAbout12-28-2004I q Lt
DECEMBER 28, 2004
4:25 P.M.
SPECIAL TOWN BOARD MEETING
The Special Meeting of the Town Board of the Town of Cortlandville was held at the
Town Hall, 3577 Terrace Road, Cortland, New York, with Deputy Supervisor Testa presiding.
Members present: Deputy Supervisor, Theodore Testa
Councilman, Ronal Rocco
Councilman, John Pilato
Deputy Town Clerk, Kristin Rocco
Absent: Supervisor, Raymond Thorpe
Councilman, Edwin O'Donnell
Town Clerk, Karen Q. Snyder
Others present were: Town Attorney, John Folmer.
Deputy Supervisor Testa called the meeting to order and offered privilege of the floor to
Attorney Folmer to discuss the purpose of the Special Meeting.
Attorney Folmer explained the Town must open a Brokerage Account for the
Cortlandville Starr Road Park and Recreation Center, which would allow the Town to engage in
cash and margin transactions in any/all forms of securities. The Resolution establishing the
account would designate Deputy Supervisor Testa as the signatory.
RESOLUTION #208 AUTHORIZE OPENING AN ACCOUNT IN THE NAME OF
TOWN OF CORTLANDVILLE STARR ROAD PARK FUND
WITH PERSHING
Motion by Councilman Pilato
Seconded by Councilman Rocco
VOTES: ALL AYE ADOPTED
WHEREAS, this Corporation is duly authorized and permitted by the Laws of the State of New
York:
(1) Engage in cash and margin transactions in any all forms of securities including, but
not limited to, stocks, options, stock options, stock index options, foreign currency options and
debt instrument options, bond debentures, notes, scrips, participation certificates, rights to
subscribe warrants, certificates of deposit, mortgages, chooses ' in action, evidences of
indebtedness, commercial paper certificates or debtedness, and certificates of interest of any and
every kind and nature whatsoever, secured or unsecured, whether represented by trust,
participating and/or other certificates or otherwise, and margin transactions, including short
sales.
(2) Receive on behalf of the Corporation or deliver to the Corporation or third parties
monies, stocks, bonds, and other securities. To sell, assign, and endorse for transfer, certificates
representing stocks, bonds, or other securities now registered or hereafter registered in the name
of the Corporation.
(3) Establish and maintain an asset management account with debit card, check writing,
and margin privileges, from which account funds are directly spent, the responsibility for which
is entirely that of the Corporation, such that check writing and debit card privileges will be
limited to the following person designated by the Corporation: Theodore V. Testa, Deputy
Supervisor.
THEREFORE, BE IT RESOLVED, that this Corporation open an account or accounts in the
name of Town of Cortlandville Starr Road Park Fund with Pershing and that Theodore V. Testa,
Deputy Supervisor, or his successors in office, may, on behalf of this Corporation individually,
be and he is hereby authorized to (1) give orders in the said account or accounts for the purchase,
sale, or other disposition of stocks, bonds, and other securities, (2) deliver to and receive from
Pershing, on behalf of this Corporation monies, stocks, bonds, and other
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securities, (3) sign acknowledgements of the correctness of all statements of accounts, and (4)
make, execute, and deliver under the corporate seal any and all written endorsements and
documents necessary or proper to effectuate the authority hereby . conferred; the within
authorization to each of said officers to remain in full force and effect until written notice of the
revocation thereof shall have been received by Pershing.
No further comments or discussion were heard.
Councilman Rocco made a motion, seconded by Councilman Pilato, to adjourn the
Special Town Board Meeting. All voting aye, the motion was carried.
The Special Town Board Meeting was adjourned at 4:27 p.m.
Respectfully Submitted,
Z�
Karen Q. Snyder
Town Clerk
Town of Cortlandville .
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