[HISTORY: Adopted by the Town Board of the Town of Ballston 2-3-1987;
as revised 9-1-1998. Subsequent amendments noted where applicable.]
The objectives of the investment policy of the Town of Ballston are
to minimize risk; to ensure that investments mature when cash is required
to finance operations; and to ensure a competitive rate of return. In accordance
with this policy, the Supervisor is hereby authorized to invest all funds
including proceeds of obligations and reserve funds in:
All other local government officials receiving money in their official
capacity must deposit such funds in negotiable order of withdrawal accounts.
All investments made pursuant to this policy shall comply with the follow
conditions:
A.
Collateral. Certificates of deposit shall be fully secured
by insurance of FDIC or by obligations of New York State or obligations of
the United States or obligations of federal agencies, the principal interest
of which are guaranteed by the United States or obligations of New York State
local government. Collateral shall be delivered to the Town of Ballston or
a custodial bank to the account of the Town of Ballston or to a Federal Reserve
bank. The market value of collateral supplied by any bank shall at all times
equal or exceed the total principal amount of certificates of deposit and
time savings deposits held by the bank less applicable FDIC coverage. The
bank selling the investment shall provide a list of collateral with the Town
of Ballston and report all changes in that list.
B.
Written contracts shall be required for the purchase
of all certificates of deposit.
The Supervisor shall review the annual reports of all banks holding
town funds to determine satisfactory financial strength.
The Supervisor or his deputy shall authorize investments on behalf of
the Town of Ballston. All investment agreements shall be confirmed in writing.
The Supervisor's annual financial report shall include an annual investment
report.
This policy shall be reviewed annually at the February meeting of the
Town Board.
