This investment policy applies to all moneys and other financial resources
available for investment on its own behalf or on behalf of any other entity
or individual.
The primary objectives of the local government's investment activities
are, in priority order:
A. To conform to all applicable federal, state and other
legal requirements (legal).
B. To adequately safeguard principal (safety).
C. To provide sufficient liquidity to meet all operating
requirements (liquidity).
D. To obtain a reasonable rate of return (yield).
The Town Board's responsibility for administration of the investment
program is delegated to the Supervisor as Chief Fiscal Officer, 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 a data base or records incorporating description and amounts of investments,
transaction dates and other relevant information and regulate the activities
of subordinate employees.
It is the policy of the Town of Pound Ridge to diversify its deposits
and investments by financial institution, by investment instrument and by
maturity scheduling.
The banks and trust companies authorized for the deposit of moneys are:
A. National Westminster Bank USA.
C. Any state or federally chartered commercial bank licensed
to do business in the State of New York.