MONTICELLO — After discovering the County of Sullivan Industrial Development Agency (IDA) was non-compliant with its by-laws, the IDA sought outside counsel to make some changes.

At their August 12 meeting, the IDA quickly went into a closed session with their outside counsel, Bob Ryan of Harris Beach PLLC, to discuss changing its by-laws.

Afterward, the IDA passed a resolution that updated its by-laws, which previously stated that no board member could simultaneously be an officer of the IDA.

New York State law does allow for an IDA member to serve as an officer, but Sullivan IDA's by-laws reflected an older version of state law.

Counsel for the IDA Walter Garigliano called it an “oversight,” referring to Ed Sykes being appointed as Chief Operating Officer in 2018 while still maintaining his member status on the IDA.

Asked whether resolutions voted on during the time Sykes was CEO would be nullified due to Sykes not being allowed to be an officer and a board member by their by-laws at the time, County of Sullivan Industrial Develpment Agency Executive Director Jennifer Flad said, “It would have no impact because the County Legislature appoints all the board members...there is no impact on any actions that the board has taken.”

At the same meeting, the IDA reviewed and amended its investment policy.

The investment and deposit policy for the IDA applies to all monies and other financial resources available on behalf of the IDA. 

The IDA amended and restated its 2006 investment policy so that the schedule of eligible securities reflect the current list of eligible securities in the New York State General Municipal Law.