This investment policy applies to all moneys and other financial resources
available for investment on its own behalf or on behalf of any other entity
or individual.
The primary objective of the Town of Massena's investment activities
are to, in priority order:
A. Conform with all applicable federal, state and other
legal requirements (legal).
B. Adequately safeguard principal (safety).
C. Provide sufficient liquidity to meet all operating requirements
(liquidity).
D. Obtain a reasonable rate of return (yield).
The governing board's responsibility for administration of the
investment program is delegated to the Town Supervisor, who shall establish
written procedures for the operation of the investment program consistent
with these investment guidelines. Such procedures shall include an adequate
internal control structure to provide a satisfactory level of accountability
based on a data base or records incorporating description and amounts of investments,
transaction dates and other relevant information and regulate the activities
of subordinate employees.
It is the policy of the Town of Massena to avoid concentration of investments
in financial institutions whenever possible.
In accordance with the provisions of General Municipal Law § 10,
all deposits of the Town of Massena, including certificates of deposit and
special time deposits, in excess of the amount insured under the provisions
of the Federal Deposit Insurance Act shall be secured by:
A. Obligations of New York State.
B. Obligations of the United States.
C. Obligations of federal agencies, the principal and interest
of which are guaranteed by the United States.
D. Obligations of New York State local governments.
The Town of Massena shall maintain a list of financial institutions
and dealers approved for investment purposes and establish appropriate limits
to the amount of investments which can be made with each financial institution
or dealer. All financial institutions with which the local government conducts
business must be credit worthy. Banks shall provide their most recent consolidated
report of condition (call report) at the request of the Town of Massena. Security
dealers not affiliated with a bank shall be required to be classified as reporting
dealers affiliated with the New York Federal Reserve Bank, as primary dealers.
The Town Supervisor is responsible for evaluating the financial position and
maintaining a listing of proposed depositories, trading partners and custodians.
Such listing shall be evaluated at least annually.
Repurchase agreements are authorized only through the Town of Massena's participation in a cooperative investment program as described in §
47-11A(2) of this Investment Policy.