[Amended at time of adoption of Code (see Ch. 1, General
Provisions, Art. I)]
The Village of Cayuga Heights Board of Trustee's responsibility
for administration of the investment program is delegated to the Village
Treasurer who shall establish written procedures for the operation
of the investment program consistent with these investment guidelines.
Such procedures shall include an adequate internal control structure
to provide a satisfactory level of accountability based on records
incorporating description and amounts of investments, transaction
dates, and other relevant information.
In accordance with this policy, the Village Treasurer, the chief
fiscal officer, is hereby authorized to invest all funds, including
proceeds of obligations and reserve funds, in:
A. Obligations issued, or fully insured or guaranteed as to the payment
of principal and interest, by the United States of America, an agency
thereof or a United States government-sponsored corporation.
B. Obligations issued or fully insured or guaranteed by the State of
New York, obligations issued by a municipal corporation, school district,
or district corporation of such state or obligations of any public
benefit corporation which under a specific state statute may be accepted
as security for deposit of public moneys.
C. Certificates of deposit issued by a bank or trust company authorized
to do business in New York State.
D. Time deposit accounts in a bank or trust company authorized to do
business in New York State.
Payment shall be made by or on behalf of the Village for obligations
of New York State, obligations the principal and interest of which
are guaranteed by the United States, United States obligations, certificates
of deposit, and other purchased securities upon the delivery thereof
to the custodial bank or, in the case of a book-entry transaction,
when the purchased securities are credited to the custodial bank's
Federal Reserve System account. All transactions shall be confirmed
in writing.
Written contracts are required for certificates of deposit and
custodial undertakings. With respect to the purchase of obligations
of the United States, New York State, or other governmental entities,
etc., in which moneys may be invested, the interests of the Village
will be adequately protected by conditioning payment on the physical
delivery of purchased securities to the Village or custodian or, in
the case of book-entry transactions, on the crediting of purchased
securities to the custodian's Federal Reserve System account.
All purchases will be confirmed, in writing, to the Village.
Official depositories shall be designated at the Village's
annual organizational meeting, the first Monday of April.
All trading partners must be credit worthy. Investments in time
deposits and certificates of deposit are to be made with banks or
trust companies. Their annual reports must be reviewed by the chief
fiscal officer to determine satisfactory financial strength.