Source: https://ecode360.com/10981307
Timestamp: 2020-04-06 22:43:04
Document Index: 464406967

Matched Legal Cases: ['§ 47', '§ 47', '§ 47', '§ 47', '§ 47', '§ 47', '§ 47', '§ 47', '§ 47', '§ 47', '§ 47', '§ 47', '§ 47', '§ 10', '§ 10', '§ 11', '§ 24', '§ 6', '§ 10']

Town of Guilderland, NY Investment Policy
§ 47-2 Objectives.
§ 47-3 Delegation of authority.
§ 47-4 Prudence.
§ 47-5 Diversification.
§ 47-6 Internal controls.
§ 47-7 Designation of depositories.
§ 47-8 Collateralizing of deposits.
§ 47-9 Safekeeping and collateralization.
§ 47-10 Permitted investments.
§ 47-11 Authorized financial institutions and dealers.
§ 47-12 Purchase of investments.
§ 47-13 Repurchase agreement.
Chapter 47 Investment Policy
[HISTORY: Adopted by the Town Board of the Town of Guilderland 12-7-1993. Amendments noted where applicable.]
The governing board's responsibility for administration of the investment program is delegated to the Supervisor, who shall establish written procedures for the operation of the investment program consistent with these investment guidelines. Such procedures shall include an adequate internal control structure to provide a satisfactory level of accountability based on a data base or records incorporating description and amounts of investments, transaction dates and other relevant information, and to regulate the activities of subordinate employees.
All participants in the investment process shall seek to act responsibly as custodians of the public trust and shall avoid any transaction that might impair public confidence in the Town of Guilderland to govern effectively.
It is the policy of the Town of Guilderland to diversify its deposits and investments by financial institution, by investment instrument and by maturity scheduling.
It is the policy of the Town of Guilderland for all moneys collected by any officer or employee of the government to be transferred to the Supervisor within two days of deposit or within the time period specified in law, whichever is shorter.[1]
§ 47-7 Designation of depositories. [1]
The banks and trust companies authorized for the deposit of moneys up to the maximum amounts are on file in the office of the Town Clerk.
In accordance with the provisions of General Municipal Law § 10, all deposits of the Town of Guilderland, including certificates of deposit and special time deposits, in excess of the amount insured under the provisions of the Federal Deposit Insurance Act shall be secured:
By a pledge of eligible securities with an aggregate market value as provided by General Municipal Law § 10, equal to the aggregate amount of deposits from the categories designated in Appendix A to this policy.[1]
Editor's Note: Appendix A, Schedule of Eligible Securities, as amended 12-21-1993, is located on file in the office of the Town Clerk.
Eligible securities used for collateralizing deposits shall be held by the deposition bank or trust company subject to security and custodial agreements.
The security agreement shall provide that eligible securities are being pledged to secure local government deposits, together with agreed-upon interest, if any, and any costs or expenses arising out of the collection of such deposits upon default. It shall also provide the conditions under which the securities may be sold, presented for payment, substituted or released and the events which will enable the local government to exercise its rights against the pledged securities. In the event that the securities are not registered or inscribed in the name of the local government, such securities shall be delivered in a form suitable for transfer or with an assignment in blank to the Town of Guilderland or its custodial bank.
As authorized by General Municipal Law § 11, the Town of Guilderland authorizes the Supervisor to invest moneys not required for immediate expenditure for terms not to exceed its projected cash-flow needs in the following types of investments:
Obligations issued pursuant to Local Finance Law § 24.00 or 25.00 (with approval of the State Comptroller) by any municipality, school district or district corporation other than the Town of Guilderland.
Obligations of this local government, but only with any moneys in a reserve fund established pursuant to General Municipal Law §§ 6-c, 6-d, 6-e, 6-g, 6-h, 6-j, 6-k, 6-l, 6-m or 6-n.
All investment obligations shall be payable or redeemable at the option of the Town of Guilderland within such times as the proceeds will be needed to meet expenditures for purposes for which the moneys were provided and, in the case of obligations purchased with the proceeds of bonds or notes, shall be payable or redeemable at the option of the Town of Guilderland within two years of the date of purchase.
The Town of Guilderland shall maintain a list of financial institutions and dealers approved for investment purposes and establish appropriate limits to the amount of investments which can be made with each financial institution or dealer. All financial institutions with which the local government conducts business must be creditworthy. Banks shall provide their most recent Consolidated Report of Condition (Call Report) at the request of the Town of Guilderland. Security dealers not affiliated with a bank shall be required to be classified as reporting dealers affiliated with the New York Federal Reserve Bank, as primary dealers. The Supervisor is responsible for evaluating the financial position and maintaining a listing of proposed depositories, trading partners and custodians. Such listing shall be evaluated at least annually.
By participation in a cooperative investment program with another authorized governmental entity pursuant to Article 5G of the General Municipal Law, where such program meets all the requirements set forth in the Office of the State Comptroller Opinion No. 88-46, and the specific program has been authorized by the governing board.
All purchased obligations, unless registered or inscribed in the name of the local government, shall be purchased through, delivered to and held in the custody of a bank or trust company. Such obligations shall be purchased, sold or presented for redemption or payment by such bank or trust company only in accordance with prior written authorization from the officer authorized to make the investment. All such transactions shall be confirmed, in writing, to the Town of Guilderland by the bank or trust company. Any obligation held in the custody of a bank or trust company shall be held pursuant to a written custodial agreement as described in General Municipal Law § 10.