[HISTORY: Adopted by the Town Board of the Town of Eden 12-29-2010. Amendments noted where applicable.]
Editor's Note: This resolution also superseded former Ch. 26, Investment Policy, adopted 1-13-1993.
The objectives of the investment policies of the Town of Eden are the following:
In accordance with this policy, the Town Supervisor, as the Chief Fiscal Officer of the Town of Eden, is hereby authorized to invest all funds, including proceeds of obligations and reserve funds, in:
Certificates of deposit or money market account issued by a bank or trust company authorized to do business in New York State; or
Obligations of the United States government; or
The CLASS cooperative as a suitable investment alternative. [NOTE: The cooperative is administered on behalf of the participants by MBIA-Municipal Investors Service Cooperation of Armonk, New York. Participation in cooperative investment programs has been determined to be in compliance with investment guidelines for New York State municipalities by opinion of the Comptroller 88-46. Investments made pursuant to cooperative programs shall be deemed to meet all requirements of this policy.]
The Chief Fiscal Officer of the Town of Eden may invest funds in certificates of deposit or obligations of the United States government only after:
Competitive bids are solicited for three-, six- and nine-month certificates of deposit from at least three banks authorized to do business in New York State.
Banks will be instructed to bid on an interest rate and dollar yield and be given a time limit to submit bids.
The winning bid will be the highest bidder as determined by the Chief Fiscal Officer.
After the winning bid is determined, all banks that submitted bids will be notified of the winning bid.
Monies not invested as outlined above in § 26-3 and not needed for current operations will be invested in monthly Town of Eden certificates of deposit, bank money market or savings accounts, whichever offers the highest rate of interest.
Because CLASS offers daily interest rates and daily liquidity of monies invested with CLASS, the Chief Fiscal Officer may invest monies with CLASS as deemed prudent while giving consideration to the current interest rates available from certificates of deposit, bank money market accounts and obligations of the United States government.