All town funds shall be deposited in interest-bearing demand accounts
when first received. Depositories that satisfy the necessary regulatory bodies
shall be designated by the Town Board at the organizational meeting in January
of each year.
When the Chief Fiscal Officer, in his best judgment, determines from
time to time that funds not currently needed for day to day operations are
available for short term investment and when, in the Chief Fiscal Officer's
best judgment, the interest spread makes the funds transfer beneficial to
the town fiscal operations, then the Chief Fiscal Officer will purchase thirty-
to ninety-day certificates of deposit in Board-designated depositories.
Interest earned on any town funds shall be appropriately credited to
the town fund account upon receipt, at maturity.
Traditionally, the depository shall send advices to the town showing
the collateral securities held to the benefit of the town.