HomeMy WebLinkAboutResolution 2026-01 - Designation of Depository 2026
COUNTY OF FRANKLIN DESIGNATION OF DEPOSITORY
RESOLUTION #2026- 01
WHEREAS, the County Code, Section 1762, sets forth thatthe Board of
Commissioners together with the County Treasurer shall, from time to time, designate,
by resolution, a depository or depositories for all County funds to be deposited. Such
depository or depositories shall be banks, banking institutions, or trust companies,
located in the Commonwealth.
WHEREAS, depositories so designated, upon receipt of notice of their selection as
a depository of County funds, furnish a bond to securepayments of deposits and
any interest to the County, secured by a security company, or by the depositing in
escrow of securities to be approved by the County Commissioners.
WHEREAS, the amount of suchbonds shall be in a sum sufficient to secure deposits
and interest as required by the County Code.
WHEREAS, the County Treasurer shall, upon the designation of such depository or
depositories, immediately, transfer thereto all County funds to be deposited, and shall,
thereafter, keep such deposits solely in such depository or depositories in the name of the
County.
WHEREAS, withdraws fromsuch depositories shall bedrawn only by the Treasurer, upon
properly authorized checks or byother commercially accepted methods of electronic funds
transfer which have been specifically approved by the Board of Commissioners.
WHEREAS, neither County Commissioners nor Treasurer complying with the
provisions of this section, nor their security or securities, shall be chargeable withlosses
of County funds caused by the failure or neglect of such depository or depositories.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF FRANKLIN COUNTY
COMMISSIONERS, that: with this resolution, the Boardof Commissioners is terminating
Resolution # 2024-09 andthat F&M Trust, P.O. Box 6010, 20 South Main Street,
Chambersburg, PA, 17201; M&T Bank, P.O. BoxC, Chambersburg, PA 17201;
Pennsylvania Local Government Investment Trust, P.O. Box 1027, Harrisburg, PA,17108-
1027; Multi-Bank Securities, Inc., 1000 Town Center, Suite 2300, Southfield, Ml 48075;
and PA Treasury Department, P.O. Box 1837, Room 123, Finance Building, Harrisburg, PA
17105-1837; be designated as depositories of Franklin County, pending verification of
sufficient collateralization of deposits, and that the funds of Franklin County deposited in the
same are subject to withdraw upon checks, notes, drafts, bills of exchange, acceptances,
undertakings of other orders for the payment of money when signed on behalf of Franklin
County by any one (1) of two{2) of the following offers towrit: Lisa Helm, County Treasurer,
Trina Panagos, Chief Deputy Treasurer.
That the aforesaid depositories are hereby authorized to pay any such orders and also
to receive the same for credit of or in payment from the payee or any other holder
without inquiry as to the circumstances of issue or the depositions of the proceedings
even if drawn to the individual order of any signing officer or tender in payment to his
individual obligation. That the bond(s) to secure payment of deposits and any interest to
the County shall be in the amount sufficient to secure deposits and interest accrued
therein as required by Section 1762 of the County Code.
IN TESTIMONY, WHEREOF, ON BEHALF OF THE COUNTY OF FRANKLIN, WE have
subscribed our names and caused the Official Seal to be hereunto fixed on this day of
January 2026.
COUNTY OF FRANKLIN
(SEAL)
Attest: ________________________ ________________________
Carrie E. Gray, County Administrator Dean A. Horst, Chairman
__________________________
John T.Flannery, Commissioner
__________________________
Robert G. Ziobrowski, Commissioner