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.
[Amended 6-12-2023 by L.L. No. 3-2023]
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 an accredited financial institution;
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 an accredited agency.
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.