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:
A. Certificates of deposit issued by a bank authorized to
transact business in New York State.
B. 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:
A. 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.
B. 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.