Village of Angola, NY
Erie County
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Table of Contents
Table of Contents
[HISTORY: Adopted by the Board of Trustees of the Village of Angola 11-2-1987. Amendments noted where applicable.]
Procurement Policy — See Ch. 34.
The objectives of the Investment Policy of the Village of Angola are to minimize risk and to ensure that investments mature when the cash is required and at a competitive rate of return.
In accordance with this policy, the Chief Fiscal Officer is hereby authorized to invest funds in:
Certificates of deposit issued by a bank authorized to transact business in New York State.
Time-deposit accounts in a bank authorized to transact business in New York State.
No other Village of Angola officials have the authority to receive and/or invest municipal moneys in their official capacity.
All investments made pursuant to this policy shall comply with the following conditions:
Deposits shall be fully secured by insurance of the FDIC or by collateral of the depository, and said collateral shall be delivered to the Village of Angola and shall at all times be equal to or exceed the principal amount on deposit.
Financial statements must be reviewed no less than annually by the Chief Fiscal Officer to determine the financial strength of said depository. Annual reports are considered acceptable for this purpose, a copy of which will remain on file with the Village of Angola.
The Board of Trustees of the Village of Angola, at its organizational meeting, shall review and amend, if necessary, these investment guidelines.
The provisions of these guidelines and subsequent amendments thereto shall take effect prospectively and shall not invalidate prior selections of any bank or prior investment.