[HISTORY: Adopted by the Board of Trustees of the Village of Green Island 8-24-1987. Amendments noted where applicable.]
Purchasing — See Ch. 34.
The Village of Green Island investment policies will be governed by the state statutes.
The Village of Green Island moneys will be deposited in Federal Deposit Insurance Corporation-insured commercial banks or trust companies located within the state.
The Treasurer of the Village of Green Island is authorized to use demand accounts and certificates of deposit.
Permissible investments will include obligations of the United States Treasury and United States agencies, repurchase agreements and obligations of New York State or its localities.
Collateral will be required for demand deposits and certificates of deposit at 105% of all deposits not covered by federal deposit insurance.
Obligations that may be pledged as collateral are obligations of the United States and its agencies and obligations of the state and its municipalities and school districts.
The written investment policy will require that repurchase agreements be purchased from banks located within the state and that underlying securities will have a market value of at least 105% of the cost of the repurchase agreement.