[HISTORY: Adopted by the Board of Trustees of the Village of Munsey
Park 6-12-1996. Amendments noted where applicable.]
GENERAL REFERENCES
Procurement policy — See Ch. 54.
It is the objective of the Board of Trustees to adopt a Management and
Investment Policy for all moneys and other financial resources entrusted to
it by the taxpayers of the Village of Munsey Park.
It is the intent of the Board of Trustees that this policy conform to
all legal requirements, ensure a competitive rate of return while providing
minimum risk and adequate safeguards to principal; and is sufficiently liquid
to finance operations.
The Village Treasurer be and hereby is authorized and directed to invest
and reinvest all funds available for investing with adequate internal controls
and prudent discretion and recorded properly in:
A.
Certificates of deposit, time deposit and money market
accounts with Fleet/NatWest Bank;
B.
Obligations of the State of New York;
C.
Obligations of the United States Government;
D.
Obligations of other local governments;
E.
Cooperative liquid assets securities system (CLASS) as
administered by MBIA.
In accordance with the provisions of the General Municipal Law § 10,
all deposits of the Village of Munsey Park, including certificates of deposit,
special time deposits and money market accounts in excess of the amount insured
under provisions of the Federal Deposit Insurance Act (FDIC), shall be secured
as outlined in the collateral agreement approved by the Board of Trustees
in October 1993, or by any other subsequent collateral agreement.
