Village of Munsey Park, NY
Nassau County
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[HISTORY: Adopted by the Board of Trustees of the Village of Munsey Park 6-12-1996. Amendments noted where applicable.]
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:
Certificates of deposit, time deposit and money market accounts with Fleet/NatWest Bank;
Obligations of the State of New York;
Obligations of the United States Government;
Obligations of other local governments;
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.