[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:
A.
In accordance with this policy, the Chief Fiscal Officer
is hereby authorized to invest all funds, including proceeds of obligations
and reserve funds, in:
B.
All other Town of Blooming Grove officials receiving
money in their official capacity must deposit such funds in negotiable order
of withdrawal accounts.
C.
All investments made pursuant to this investment policy
shall comply with the following conditions below.
A.
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.
B.
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.
A.
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.
B.
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.
C.
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.
D.
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.
