[HISTORY: Adopted by the Town Board of the Town of Mount Hope 1-6-2014. Amendments noted where applicable.]
Procurement policy — See Ch. 59.
The Town Supervisor is designated to make all investment transactions for the Town. The Town of Mount Hope investment policies are governed by the statutes of the State of New York; however, the Town must have a stated and approved investment policy. The Town funds are deposited in FDIC-insured banks located within the state. The Town uses demand accounts and may use certificates of deposit. Collateral is required for all funds on deposit not covered by federal deposit insurance. Obligations that are pledged as collateral shall be obligations of the United States, its agencies, New York State, its municipalities and school districts. The collateral should be placed in a third-party bank and the third-party bank is to give the Town notification of possession. The depositories for the Town investments shall be First National Bank of Jeffersonville, Hometown Bank of the Hudson Valley, Orange County Trust Company.
The investment policy of the Town shall be in accordance with the statutes of New York State and be reviewed annually and revised as necessary to reflect changes in available investment opportunities and market conditions. Investment records and controls should be within the guidelines of policies and procedures set forth by the office of the State Comptroller.