[HISTORY: Adopted by the Town Board of the
Town of Chautauqua 1-3-2000. Amendments noted where applicable.]
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:
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.
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.
The provisions of these investment guidelines
shall take effect prospectively and shall not invalidate the prior
selection of any custodial bank or prior investment.