[HISTORY: Adopted by the Board of Trustees of the Village
of Unadilla as indicated in article histories. Amendments noted where
applicable.]
[Adopted 4-7-1992]
The objectives of the Cash Management and Investment Policy
of the Village of Unadilla 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 on funds.
In accordance with this policy, the Chief Fiscal Officer is
hereby authorized to invest all funds, including proceeds of obligations
and reserve funds, in:
All investments made pursuant to this investment policy shall
comply with the following conditions:
A.
Collateral. Certificates of deposit and time deposits shall be fully
secured by insurance of the Federal Deposit Insurance Corporation.
B.
Financial institutions. 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.
C.
Operations, audit and reporting.
(1)
The Chief Fiscal Officer shall purchase investments on behalf of
the Village of Unadilla.
(2)
Solicitation of competitive rates for investments will be encouraged.
(3)
At time of annual audit, the auditor shall audit the investments
of the Village of Unadilla.
(4)
At the annual organizational meeting of the Village of Unadilla,
the Governing Board and Mayor shall review and amend, if necessary,
the Village of Unadilla Cash Management and Investment Policy.
(5)
The provisions of the Unadilla Cash Management and Investment Policy
and any amendments hereto shall not invalidate the prior selection
of any custodial bank or prior investment.
