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Board names official depositories, insurance coverage and authorizes investment and pre-pay spending limits
Summary
Minerva's board designated bank depositories, set blanket insurance amounts for officers, authorized investment of town monies, and approved pre-audit payment authorities and card-limit rules at its Jan. 2 meeting.
The Minerva Town Board adopted several finance and control resolutions at its Jan. 2 meeting. Resolution #11 designated Glens Falls National Bank and Trust (Chestertown), Community Bank (North Creek), Champlain National Bank (Elizabethtown) and NYCLASS as official depositories. Resolution #8 set blanket insurance coverage amounts of $1,000,000 for named officers and $25,000 for other positions.
The board also authorized the Supervisor to invest Town monies in certificates of deposit and to enter into collateral security agreements with depositories (Resolution #12); permitted the Supervisor to pay certain insurance, utility, postal and copier charges prior to audit (Resolution #23); and set a $3,500 cap for credit-card/pre-pay charges subject to adherence to the Town's purchase policy (Resolution #24). All measures were recorded as adopted 4-0.
