[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:
All investments made pursuant to this investment policy shall comply
with the following conditions:
A.
Collateral.
(1)
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.
(2)
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.
(3)
A written contract shall be required with the custodial
bank.
B.
M & T Bank and the Bank of Castile are the official
depositories of the various Village accounts as specified at the annual organizational
meeting.
C.
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.
D.
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.
