[HISTORY: Adopted by the Board of Trustees of the Village
of Green Island 8-24-1987. Amendments noted where applicable.]
GENERAL REFERENCES
Purchasing — See Ch. 34.
A.
The Village of Green Island investment policies will be governed
by the state statutes.
B.
The Village of Green Island moneys will be deposited in Federal Deposit
Insurance Corporation-insured commercial banks or trust companies
located within the state.
C.
The Treasurer of the Village of Green Island is authorized to use
demand accounts and certificates of deposit.
D.
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.
E.
Collateral will be required for demand deposits and certificates
of deposit at 105% of all deposits not covered by federal deposit
insurance.
F.
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.
G.
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.
