[HISTORY: Adopted by the Town Board of the Town of Blooming Grove 11-18-1991. Amendments noted where applicable.]
The objectives of the Investment Policy of the Town of Blooming Grove are to:
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 other Town of Blooming Grove officials receiving money in their official capacity must deposit such funds in negotiable order of withdrawal accounts.
All investments made pursuant to this investment policy shall comply with the following conditions below.
Certificates of deposit shall be fully secured by insurance of the Federal Deposit Insurance Corporation or by obligations of New York State or obligations of the United States or obligations of federal agencies the principal and interest of which are guaranteed by the United States or obligations of New York State local governments. Collateral shall be delivered to the Town of Blooming Grove or a custodial bank with which the Town of Blooming Grove has entered into a custodial agreement. The market value of collateral shall at all times equal or exceed the principal amount of the certificate of deposit. Collateral shall be monitored no less frequently than weekly, and "market value" shall mean the bid or closing price as quoted in the Wall Street Journal or as quoted by another recognized pricing service.
Collateral shall not be required with respect to the direct purchase of obligations of New York State, obligations of the United States and obligations of federal agencies the principal and interest of which are guaranteed by the United States Government.
The Chief Fiscal Officer or the Deputy Chief Fiscal Officer shall authorize the certificates of deposit on behalf of the Town of Blooming Grove. Oral directions concerning the purchase or sale of securities shall be confirmed in writing. The Town of Blooming Grove shall pay for purchased securities upon the delivery or book-entry thereof.
The Town of Blooming Grove will encourage the purchase and sale of certificates of deposit through a competitive or negotiated process involving telephone solicitation of at least three bids for each transaction.
At the time independent auditors conduct the annual audit of the accounts and financial affairs of the Town of Blooming Grove, the independent auditors shall audit the investments of the Town of Blooming Grove for compliance with the provisions of these investment guidelines.
Within 60 days of the end of each of the first three quarters of the fiscal year, the Chief Fiscal Officer shall prepare and submit to the Audit and Finance Committee of the Town of Blooming Grove a quarterly investment report which indicates new investments, the inventory of existing investments and such other matters as the Chief Fiscal Officer deems appropriate.
Within 120 days of the end of the fiscal year, the Chief Fiscal Officer shall prepare and submit to the Audit and Finance Committee an annual investment report; recommendations for change in these investment guidelines; the results of the annual independent audit; the investment income record; a list of total fees, commissions or other charges, if any, paid to the custodial bank and such other matters as the Chief Fiscal Officer deems appropriate.
The Town Board of the Town of Blooming Grove shall review and approve the annual investment report, if practicable, at its reorganization meeting.
At least annually, and if practicable, at the reorganization meeting of the Town Board, the members shall review and amend, if necessary, these investment guidelines.
The provisions of these investment guidelines and any amendments hereto shall take effect prospectively and shall not invalidate the prior selection of any custodial bank or prior investment.