[HISTORY: Adopted by the Town Board of the Town of Stockport 8-5-1998 by L.L. No.
1-1998. Amendments noted where applicable.]
GENERAL REFERENCES
Procurement policy — See Ch. 28.
Any and all Town funds held by any Town official or employee
or representative shall be deposited in interest-bearing checking
accounts in those instances where checking account services are required
for the transaction of business; examples: NOW accounts, SUPER NOW
accounts, etc.
Any and all Town funds which are to be held in excess of 30
days shall be transferred from checking to money market investment
accounts or shall be deposited directly into money market investment
accounts by the person or persons empowered and entitled to hold such
funds for the Town.
When practicable and possible, in consideration of cash flow
demands, funds shall be deposited in certificate of deposit accounts
in order to maximize interest earnings.
In those instances where a determination or finding by the Town
Supervisor and/or Town Board indicates it is necessary and advisable,
collateralization of funds in excess of the Federal Deposit Insurance
Corp. (FDIC) coverage shall be undertaken and provided by the official
depository holding such funds.
Any and all Town funds shall be managed in accordance with the
requirements of the New York State General Municipal Law and any other
applicable statutory requirements existing and known.
No portion nor the entirety of this policy shall be interpreted
or construed or used in a manner which would be in conflict with the
aforementioned laws of New York State or laws of the United States
of America.
