Local Law No 7 of 2019 AMEND CHAPTER 41, SECTION 41-5 AND ADD NEW SECTION 41-10 A(2)(b) OF THE CODE OF PUTNAM COUNTY ENTITLED “DEPOSIT & INVESTMENT POLICY”

RESOLUTION #85
Local Law 7 of 2019
(passed at Full Mtg. 04/02/2019)
APPROVAL/ LOCAL LAW TO AMEND CHAPTER 41, SECTION 41-5 and add New Section
41-10 A(2)(b) OF THE CODE OF PUTNAM COUNTY ENTITLED “DEPOSIT & INVESTMENT
POLICY”
A Local law to Amend Chapter 41, Section 41-5 of the Code of Putnam County Entitled
“Deposit & Investment Policy”
Be it enacted by the County Legislature of the County of Putnam as follows:
Section 1.
Section 41-5 of the Putnam County Code is hereby amended to read as follows:
Section 41-5. Designation of Official Depositories.
The banks and trust companies authorized for the deposit of monies up to the maximum
amounts are:
DEPOSITORY NAME MAXIMUM AMOUNT
JP Morgan Chase $30,000,000
Key Bank $30,000,000
M&T Bank $30,000,000
People’s United Bank N.A. $10,000,000
Putnam County National Bank $10,000,000
PCSB Commercial Bank subsidiary of PCSB $10,000,000
Signature Bank $10,000,000
Sterling Bank $10,000,000
TD Bank $30,000,000
Tompkins Mahopac National Bank $10,000,000
Webster $30,000,000
Wells Fargo $10,000,000
Section 2.
Section 41-10 Entitled “Purchase of Investments” of the Putnam County Code is hereby
amended by adding a new subsection 41-10 A(2)(b) to read as follows:
41-10 A(2)(b) NYCLASS (New York Cooperative Liquid Assets Security System)
Section 3.
This Law shall take effect immediately.