The objectives of the Investment Policy of the Town of Berne are to
minimize risk; to insure that investments mature when the cash is required
to finance operations; and to insure a competitive rate of return.
A. In accordance with this policy, the Town Supervisor or
his/her designee is hereby authorized to invest all funds, including proceeds
of obligations and reserve funds, in:
(1) Certificates of deposit issued by a bank or trust company authorized
to do business in New York State;
(2) Time deposit accounts in a bank or trust company authorized to
do business in New York State;
(3) Obligations of New York State;
(4) Obligations of the United States Government;
(5) Repurchase agreements involving the purchase and sale of direct
obligations of the United States;
(6) With the approval of the State Comptroller, in revenue anticipation
notes or tax anticipation notes of other towns and school districts.
B. All investments made pursuant to this Investment Policy
shall comply with the following conditions.
A commercial bank or trust company chartered by the State of New York
shall be designated to act as custodial bank of the Town's investments.
However, securities may not be purchased through a repurchase agreement with
the custodial bank.