[HISTORY: Adopted by the Board of Trustees of the Village of Norwood 6-21-1993. Amendments noted where applicable.]
GENERAL REFERENCES
Procurement policy — See Ch. 40.
The Village Board of the Village of Norwood will work with and assist the Treasurer with all aspects of investment.
The Treasurer is authorized to invest all funds in the following depositories:
A. 
Community Bank, N.A., Norwood, New York.[1]
[1]
Editor's Note: Original Subsection B, listing the Chemical Bank, Syracuse, New York, which immediately followed this subsection, was deleted 12-19-2006 by L.L. No. 1-2006.
Depending upon the amount of cash flow, funds shall be invested in:
A. 
Certificates of deposit.
B. 
Money market.
C. 
Obligations of New York State and/or United States government.
All investments must comply with the following:
A. 
Collateral. Certificates of deposit must be fully secured by insurance of the Federal Deposit Insurance Company or by obligations of New York State or the United States government or federal agency with interest and principal guaranteed by New York State or the federal government. Collateral must be delivered to the Treasurer and/or custodial bank with which the Village has an agreement. The market value of collateral must always equal or exceed the principal amount with collateral monitored on a monthly basis. No collateral is necessary with respect to New York State or federal obligations.
B. 
Custodial bank. The Treasurer shall designate the Village's custodial bank(s). This custodial bank(s) must be chartered by the State of New York and must have a written agreement with the Village. This agreement must be reviewed at least annually by the Village Board to determine the financial strength of the bank(s).
C. 
Investment procedures. The Village Board shall authorize all investments on behalf of the Village. The Treasurer is encouraged to use the competitive or negotiated process.
The Village Treasurer shall establish a cash flow records system to aid in investment procedures.
Within 120 days of the end of the Village fiscal year, the Village Treasurer shall prepare and submit to the Board an annual investment report to include:
A. 
Recommendation for any changes in this policy.
B. 
Investment record for the fiscal year.
C. 
Total fees, commissions, etc., paid by the Village.
D. 
All interest earned during the fiscal year.
E. 
Any and all other pertinent information.
The Village Board shall review and make any necessary amendments of this policy at any regular meeting. The policy and any amendments to the same shall take effect upon passage of a resolution by the Village Board, but shall not invalidate any prior selection of a custodial bank(s) or prior investments.