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Board authorizes temporary investments, names Chase Bank official depository

Shelter Island Town Board · January 5, 2026
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Summary

Shelter Island’s board authorized temporary investments of town funds, designated Chase Bank as official depository, and re-adopted purchasing and investment policies for 2026.

The Town Board adopted Resolution 2026-2 authorizing the Supervisor to temporarily invest town funds not needed for immediate expenditure in certificates of deposit or special time deposit accounts in New York banks and designated Chase Bank as the official depository for general, highway, and federal funds. The resolution also authorized named town officials to sign checks and three staff members to make transfers among banks.

Separately, the Board reviewed and re-adopted its Purchasing Policy (effective April 7, 2025) and its Investment Policy (adopted Jan. 10, 2023) with no amendments. Those policies were recorded as approved for 2026.

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