NEW YORK STATE URBAN DEVELOPMENT CORPORATION d/b/a ...

DRAFT – SUBJECT TO REVIEW AND REVISION
Following the full presentation, the Chair called for questions or comments. Hearing
none, and upon motion duly made and seconded, the following resolution was unanimously
adopted:
AUTHORIZATION TO PLACE DIRECTORS & OFFICERS LIABILITY AND EMPLOYMENT
PRACTICES LIABILITY INSURANCE; AND TO TAKE RELATED ACTIONS
RESOLVED, that based upon the materials presented to the Directors at this meeting, a copy of
which is hereby ordered to be filed with the records of the Corporation, that the Chairman and
Chief Executive Officer of the Corporation or Chief Financial Officer or his/her designee(s) are
hereby authorized, in the name and on behalf of the Corporation, to enter into all contracts,
agreements and instruments, as the Chairman and Chief Executive Officer of the Corporation or
Chief Financial Officer or his/her designee(s) shall deem necessary or appropriate in connection
with the purchase of the Corporation’s Directors & Officers Liability insurance with Chartis
Insurance for the 2012-2013 fiscal year at an annual premium of $110,000
RESOLVED, that all actions heretofore taken on behalf of the Corporation in regard to the
replacement of the foregoing insurance policies are hereby approved, ratified and confirmed.
* * *
Mr. Beyer then asked the Directors to approve the Property Disposition Guidelines.
Mr. Beyer noted that the Public Authorities Accountability Act requires the adoption of
guidelines with respect to property disposition.
Mr. Beyer further noted that the Act requires that the guidelines must be annually
reviewed and approved by the Corporation.
Mr. Beyer then explained that these guidelines, without change from 2011, are now
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