This investment policy applies to all moneys and other financial
resources available for deposit and investment by the Village of Boonville
(Village) on its own behalf or on behalf of any other entity or individual.
The primary objectives of the Village's investment activities
are, in priority order:
A. To conform with all applicable federal, state and other legal requirements.
B. To adequately safeguard principal.
C. To provide sufficient liquidity to meet all operating requirements.
D. To obtain a reasonable rate of return.
The Village Board's responsibility for administration of
the investment program is delegated to the Mayor who shall establish
written procedures for the operation of the investment program consistent
with these investment policies. Such procedures shall include internal
controls to provide a satisfactory level of accountability based upon
records incorporating the description and amounts of investments,
the fund(s) for which they are held, the place(s) where kept, and
other relevant information, including dates of sale or other dispositions
and amounts realized. In addition, the internal control procedures
shall describe the responsibilities and levels of authority for key
individuals involved in the investment program.
All participants in the investment process shall seek to act
responsibly as custodians of the public trust. Investments shall be
made with due diligence and consider the safety of the principal as
well as the probable income to be derived. All participants shall
refrain from personal business activity that could conflict with the
proper and impartial execution of the investment program and avoid
any transaction that might impair public confidence in the Village
to function effectively.
The banks and trust companies that are authorized for the deposit
of moneys, and the maximum amount which may be kept on deposit at
any time, are:
Depositary Name
|
Maximum Amount
|
Officer
|
---|
Community Bank, NA
|
$1,000,000
|
Municipal Account
|
Adirondack Bank
|
$1,000,000
|
Municipal Account
|
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All deposits and investments at a bank or trust company, including
all demand deposits, certificates of deposit and special time deposits
(hereinafter, collectively, "deposits") made by officers of the Village
that are in excess of the amount insured under the provisions of the
Federal Deposit Insurance Act shall be secured by:
A. A pledge of eligible securities with an aggregate market value (as
provided by the General Municipal Law § 10) that is at least
equal to the aggregate amount of deposits by the officers. See Schedule
A of this policy for a listing of "eligible securities."
Eligible securities used for collateralizing deposits made by
the Village shall be held by the depositary or a third-party bank
or trust company subject to a specific security and custodial agreement.
The Village of Boonville Board of Trustees shall review this
investment policy annually, and it shall have the power to amend this
policy at any time.
The terms "public funds," "public deposits," "bank," "trust
company," "eligible securities," "eligible surety bond," and "eligible
letter of credit" shall have the same meanings as set forth in General
Municipal Law § 10.