[HISTORY: Adopted by the Board of Trustees of the Village of Red Hook 7-3-1987. Amendments noted where applicable.]
[Amended 1-20-1999 by L.L. No. 1-1999]
The timely deposit and investment of public money is an important and integral part of the duties of our Board of Trustees; therefore, said Board of Trustees adopts this policy of investments.
The official designated to make our investments is the Treasurer, with the full approval of the financial officer.
The permissible type of investments are time deposits, certificates of deposit and obligations issued by the state and federal agencies. These funds shall be safe and liquid and be deposited in the bank which then provides the most efficient and effective services at the lowest cost.
The approved depositories for the Village are the Key Bank of Red Hook and the First National Bank of Rhinebeck. This will assure a competitive rate of return on investments.
There should be every effort made to minimize the number of bank accounts and maximize available cash.
The Mayor and the Chief Fiscal Officer shall be bonded.
There shall be an independent audit of accounts and financial affairs of the Village each year.
A least annually, the members shall review and amend, if necessary, these guidelines and this policy.