[HISTORY: Adopted by the Board of Trustees
of the Village of Holley 11-12-1991. Amendments noted where applicable.]
[Amended 10-12-2004 by L.L. No. 3-2004]
The objectives of the Investment Policy of the
Village of Holley, New York are to minimize risk; to insure that investments
mature when cash is required to finance the operations of said Village;
and to insure a competitive rate of return. In accordance with this
policy the Finance Officer (Village Treasurer) is hereby authorized
to invest all funds, including proceeds of obligations and reserve
funds, in and at times with the approval of the Board of Trustees
of the Village of Holley, New York.
[Amended 10-12-2004 by L.L. No. 3-2004]
The Finance Officer (Village Treasurer) of said
Village is responsible to account for and balance all accounts of
the Village and present to the Board of Trustees a monthly Treasurer's
report for review and acceptance.
[Amended 10-12-2004 by L.L. No. 3-2004]
The Finance Officer (Village Treasurer) of said
Village will keep the members of the Board of Trustees of said Village
informed of all expenditures and debts due by said Village of Holley.
The Finance Officer (Village Treasurer) shall
deposit monies of the Village in certificates of deposit that shall
be fully secured by insurance of the Federal Deposit Insurance Corporation
(up to $100,000) and before such certificates are obtained shall receive
quotes for the greater rate of return to said Village through a competitive
negotiated process of solicitation of at least three bids for each
transaction.
The Finance Officer (Village Treasurer) will
from time to time examine all checking accounts of said Village for
excess monies and transfer these monies to designated savings accounts
for each individual department of said Village unless otherwise authorized
by the Board of Trustees.
The Finance Officer (Village Treasurer) shall,
upon the authorization of the Board of Trustees, set up and maintain
reserved savings accounts for designated departments of said Village,
and these funds shall be used only for and with the approval of the
Board of Trustees and people of the Village of Holley for said designated
purposes of such funds being deposited.
Upon the authorization of the Board of Trustees
of said Village of Holley, the Finance Officer (Village Treasurer),
with the direction of the Village Attorney, shall invest in the sale
of BAN'S (bond anticipation notes) and/or serial bonds for the purposes
voted upon and designated by the Board of Trustees of the Village
of Holley.
All payments shall be made on behalf of said
Village of Holley by the Finance Officer for obligations of principal
and interest which are due by said Village on or before date of obligation
to said custodial bank upon written confirmation of such transaction
due by the Village.
The Board of Trustees of said Village of Holley
shall, at its Annual Meeting each year in April, designate a custodial
bank(s) of the Village of Holley's investments.
All investments of said Village of Holley shall
be fully secured by insurance of the Federal Deposit Insurance Corporation
or by obligations of New York State or obligations of the United Sates
or obligations of federal agencies, the principal and interest of
which are guaranteed by the United States, or obligations of New York
State local governments. Collateral shall be delivered to the Village
of Holley, and the value of collateral shall at all times equal or
exceed the principal amount of all investments. All written collateral
quotes shall be monitored from time to time by the Finance Officer
to see that these requirements are met.
All investments made on behalf of said Village
of Holley shall be invested to insure cash availability to meet disbursement
requirements for all operating expenses and obligations of said Village
of Holley.
[Amended 10-12-2004 by L.L. No. 3-2004]
It shall be the responsibility of the Finance
Office (Village Treasurer) of said Village of Holley to deposit or
invest all monies accepted by the Village in a timely and efficient
manner and for the best interest of said Village.
At the time independent auditors or consultants
conduct the annual audit of the accounts and financial affairs of
the Village of Holley, they shall audit the investments of said Village
of Holley for compliance with the provisions of this investment policy
and recommend any changes.
The Board of Trustees of said Village of Holley
shall, at its Annual Meeting in April, review and amend, if necessary,
this Investment Policy.
The provisions of this Investment Policy and
any amendments hereto shall take effect prospectively and shall not
invalidate the prior selection of any custodial bank or prior investments
of said Village of Holley.
