[HISTORY: Adopted by the Town Board of the Town of Lowville 4-20-1995. Amendments
noted where applicable.]
[Amended 1-10-2024]
The provisions of this policy shall apply to all moneys of the
Town of Lowville raised or received from any source and in the custody
of Town officials.
The principal objectives of the Town in its management of Town
funds are to:
A.
Comply with legal requirements relating to the manner of retention,
segregation, investment and use of those funds;
B.
Safeguard those funds;
C.
Ensure the accessibility of Town funds necessary to meet its financial
obligations as they arise;
D.
Realize a reasonable return from the investment of funds not immediately
required to satisfy those obligations.
[Amended 1-10-2024]
The permissible types of investment of Town funds shall be restricted
to savings accounts, money market accounts, special time deposit accounts,
and certificates of deposit in or with banks, trust companies, or
investment funds authorized by NYS for municipalities designated by
the Town Board.
[Amended 9-19-2013 by L.L. No. 3-2013; 1-10-2024]
The following banks or trust companies, or investment funds
authorized by New York State for municipalities, shall be the exclusive
depositories of Town funds, in invested or uninvested form, and the
aggregate of Town deposits in each is not subject to any maximum limit:
[Amended 1-10-2024]
To the extent that Town deposits with any bank, trust company,
or investment fund exceed insured limits under the Federal Deposit
Insurance Act,[1] those deposits shall be secured by the depository’s
pledge to the Town of eligible securities having a value at least
equivalent to that excess, to be held on the Town’s behalf by
a custodial bank other than the depository. The securities themselves,
and the related security and custodial agreements, shall conform in
all respects with the requirements of § 10 of New York's
General Municipal Law.
[1]
Editor's Note: See 12 U.S.C.A. § 1811 et seq.
The Town Tax Collector shall have the authority to establish
and maintain, on the Town's behalf, a checking account with a designated
depository bank for the timely, temporary deposit of Town real estate
tax revenues. The Tax Collector shall transfer those revenues from
that account into the control of the Town Supervisor no less frequently
than at two-week intervals.
The Town Supervisor shall have the authority and responsibility
to:
A.
Deposit, and where appropriate invest and transfer, Town funds in
a manner consistent with the aforestated policies and objectives;
B.
Periodically monitor the status of Town bank deposits and the collateral,
if any, acting as security for those deposits, in order to ensure
compliance with the aforestated policies and objectives and to safeguard
against unauthorized access or use of Town funds;
C.
Maintain complete and current records of all transactions involving
Town funds coming into his control;
D.
Review, approve, and execute on the Town's behalf agreements relating
to the creation and terms of the Town's individual accounts with banks
and trust companies, including security and custodial agreements where
applicable;
E.
Furnish the Town Board with investment and bank account activity
reports on request, provide the Board with an annual investment report,
and advise the Board promptly of any suspected abuse or violation
of this policy.
[Added 12-29-2011 by Res. No. 36-2011; amended 1-10-2024]
It is the policy of the Town of Lowville to diversify its deposits
and investments by financial institution, by instrument, and by maturity
schedule.
