WHEREAS, the Town Board (the “Board”) of the Town of North Hempstead (the “Town”) has heretofore adopted, and authorized amendments to, the Investment Policy of the Town of North Hempstead (the “Investment Policy”); and
WHEREAS, the Town Comptroller (the “Comptroller”) has requested
authorization to further amend the Investment Policy in order to reduce the margin percentage to be observed in providing sufficient letters of credit for collateralization of Town deposits from 102% to 100% of the Town’s deposits (the “Amendment”); and
WHEREAS, the Board wishes to authorize the Amendment.
NOW, THEREFORE, BE IT
RESOLVED that the Town Board does hereby authorize the Amendment; and be it further
RESOLVED that the Comptroller shall annually provide a copy of the
Investment Policy, as amended by the Amendment, to the Office of the Town Clerk and to each designated depository institution.
Dated: Manhasset, New York
January 29, 2019
The vote on the foregoing resolution was recorded as follows:
Ayes: Councilperson De Giorgio, Councilperson Russell, Councilperson Seeman, Councilperson Zuckerman, Supervisor Bosworth
Absent: Councilperson Ferrara
cc: Town Attorney Comptroller