Town of Chautauqua, NY Chapter 31 Investment Policy

[HISTORY: Adopted by the Town Board of the Town of Chautauqua 1-3-2000. Amendments noted where applicable.]

§ 31-1 Objectives; authorized investments.

A. The objectives of the investment policy of this local government are to conform with all applicable federal, state and other legal requirements; to adequately safeguard principal; to provide sufficient liquidity to meet all operating requirements; and to obtain a reasonable rate of return.

B. In accordance with this policy, the chief fiscal officer is hereby authorized to invest all funds, including proceeds of obligations in:

(1) Special time deposit accounts;

(2) Certificates of deposit issued in a bank or trust company authorized to do business in New York State;

(3) Obligations of New York State; and

(4) Obligations of the United States Government.

§ 31-2 Authorized custodial banks.

The following banks are designated by the Town of Chautauqua:

A. M&T Bank;

B. HSBC; and

C. Keybank.

§ 31-3 Collateral.

A. Special time deposits and 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. Applicable categories are designated in Appendix A to this policy.[1]

[1] Editor's Note: Appendix A is on file in the Town offices.

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.

§ 31-4 Annual review.

The governing Town Board of the Town of Chautauqua shall review and approve the investment policy, at least annually, and, if practicable, at its organizational meeting, and the members shall review and amend, if necessary, these investment policies.

§ 31-5 When effective; effect on prior investments.

The provisions of these investment guidelines shall take effect prospectively and shall not invalidate the prior selection of any custodial bank or prior investment.