The objectives of the Investment Policy of the Town of Blooming Grove
are to:
B. Ensure that investments mature when the cash is required
to finance operations; and
C. Ensure a competitive rate of return.
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 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.