RESOLUTION
BY COUNCIL PRESIDENT COLLINS-BELLAMY, MAJORITY LEADER RUBBO, MAJORITY WHIP NORMAN, MINORITY LEADER BREEN, COUNCILMEMBERS, PINEDA-ISAAC, DIAZ AND MERANTE:
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RESOLUTION TO DESIGNATE ORANGE BANK AND TRUST COMPANY AS A BANK PERMITTED TO DO BUSINESS WITH THE CITY OF YONKERS.
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WHEREAS, the Commissioner of Finance shall deposit funds into such banks as shall be designated by the City Council; and
WHEREAS, Orange Bank and Trust Company (“Bank”) is a wholly owned subsidiary of Orange County Bancorp, Inc., a Delaware bank holding company, which provides commercial and consumer banking services to local municipal governments as well as trust and investment services, and is headquartered in Middletown, New York, with seven locations in Westchester County, Its primary deposit products are checking, savings, and term certificate accounts, and its primary lending products are commercial real estate, commercial and residential mortgage loans; and
WHEREAS, the Commissioner of Finance seeks to have the City Council designate a Bank with which the City may do business.
NOW, THEREFORE BE IT RESOLVED, the City Council of the City of Yonkers
hereby designates Orange Bank and Trust Company as a Bank for the City of Yonkers; and be it further
RESOLVED, the Commissioner of Finance or Deputy Commissioner of Finance, and their designees, may undertake any responsibilities as afforded to them by the Charter of the City of Yonkers and the Code of the City of Yonkers to make deposits and withdrawals, or otherwise conduct financial business with the Bank, and be it further
RESOLVED, that this resolution takes effect immediately.