The objectives of the Investment Policy of the Village of Skaneateles
are to conform to all applicable federal and state legal requirements; to
adequately safeguard principal; to provide sufficient liquidity to meet all
operating requirements; and to insure a competitive rate of return.
The Village Board's responsibility for administration of the investment
program is delegated to the Village Clerk/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 Clerk/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 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.