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Town of Stockport, NY
Columbia County
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[HISTORY: Adopted by the Town Board of the Town of Stockport 8-5-1998 by L.L. No. 1-1998. Amendments noted where applicable.]
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.