The objectives of the investment policies of the Town of Eden
are the following:
B. To ensure that investments mature when cash is required to finance
operations.
C. To ensure a competitive rate of return.
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:
A. Certificates of deposit or money market account issued by a bank
or trust company authorized to do business in New York State; or
B. Obligations of the United States government; or
C. 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:
A. 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.
B. Banks will be instructed to bid on an interest rate and dollar yield
and be given a time limit to submit bids.
C. The winning bid will be the highest bidder as determined by the Chief
Fiscal Officer.
D. 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.