The objectives of this chapter are to minimize risk; to ensure
that investments mature when the cash is required to finance operations;
and to ensure a competitive rate of return. In accordance with this
chapter, the Chief Fiscal Officer is hereby authorized to invest all
funds, including proceeds of obligations and reserve funds in:
A. Certificates of deposit issued by a bank or trust company authorized
to do business in New York State.
B. Time deposit accounts in a bank or trust company authorized to do
business in New York State.
C. Obligations of New York State.
D. Obligations of the United States Government.
E. Repurchase agreements involving the purchase and sale of direct obligations
of the United States.
All investments made pursuant to this chapter shall comply with
the following conditions.
National Bank and Trust (NBT Bank), a banking corporation organized
and existing under and by virtue of the laws of the State of New York,
having an office at 160 Main Street, Oneida, New York 13421, is designated
to act as custodial bank of the Town of Verona's investments.
However, securities may not be purchased through a repurchase agreement
with the custodial bank.