Village of Perry, NY
Wyoming County
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[HISTORY: Adopted by the Board of Trustees of the Village of Perry 8-14-1995. Amendments noted where applicable.]
The objectives of the Investment Policy of the Village of Perry are to minimize risk; to insure that investments mature when the cash is required to finance operations; and to insure a competitive rate of return. In accordance with this policy, the chief fiscal officer is hereby authorized to invest all funds, including proceeds of obligations and reserve funds, in:
Certificates of deposit issued by a bank or trust company authorized to do business in New York State.
Time deposit accounts in a bank or trust company authorized to do business in New York State.
All investments made pursuant to this investment policy shall comply with the following conditions:
All deposits (certificates of deposit, time deposit accounts and demand deposit accounts) shall be fully secured by insurance of the Federal Deposit Insurance Corporation or by obligations of federal agencies the principal and interest of which are guaranteed by the United States, or obligations of New York State local governments, in any combination thereof. Collateral shall be delivered to the Village of Perry or a custodial bank with which the Village of Perry has entered into a collateral agreement. The market value of the collateral shall at all times equal or exceed the principal amount of the certificate of deposit and/or other account amounts.
Collateral values shall be monitored no less frequently than monthly. The monitoring sheets will be made to available to the Board at any time as requested.
A written contract shall be required with the custodial bank.
M & T Bank and the Bank of Castile are the official depositories of the various Village accounts as specified at the annual organizational meeting.
The chief fiscal officer of the Village of Perry shall establish the cash flow needs. The chief fiscal officer shall authorize the purchase of all certificates of deposits on behalf of the Village of Perry. The chief fiscal officer shall maintain a ledger of each certificate of deposit specifying bank, interest rate and maturity date. This ledger will be made available to the Board upon request.
The Village of Perry will encourage the purchase of certificates of deposit through a competitive or negotiated process involving telephone solicitation of at least two bids for each.
At the time independent auditors conduct the annual audit of the accounts and financial affairs of the Village of Perry, the independent auditors shall audit the investments of the Village of Perry for compliance with the provisions of these guidelines.
All records of investments and collateral holdings may be reviewed at any time upon request of the Village Board.
At least annually, if applicable, the Village Board of Trustees of the Village of Perry shall review and amend, if necessary, these investment guidelines.
The provisions of this policy and amendments hereto shall take effect prospectively and shall not invalidate the prior selection of any custodial bank or prior investment.