Source: https://ecode360.com/27388912
Timestamp: 2020-08-13 06:43:58
Document Index: 562231028

Matched Legal Cases: ['§ 60', '§ 60', '§ 60', '§ 60', '§ 60', '§ 60', '§ 60', '§ 60', '§ 60', '§ 60', '§ 60', '§ 60', '§ 60', '§ 10', '§ 11', '§ 24', '§ 6', '§ 10']

Town of Webb, NY Investment Policy
§ 60-3 Objectives.
§ 60-4 Delegation of authority.
§ 60-5 Participants to act responsibly; conflicts of interest.
§ 60-6 Diversification.
§ 60-7 Transfer of funds to Supervisor; internal controls.
§ 60-8 Designation of depositories.
§ 60-9 Collateralizing of deposits.
§ 60-10 Security and custodial agreements.
§ 60-11 Permitted investments.
§ 60-12 Authorized financial institutions and dealers.
§ 60-13 Purchase of investments.
§ 60-14 Repurchase agreements.
Chapter 60 Investment Policy
[HISTORY: Adopted by the Town Board of the Town of Webb at time of adoption of Code (see Ch. 1, General Provisions, Art. I). Amendments noted where applicable.]
Procurement policy — See Ch. 111.
060a App A, Sched of Eligible Securities
This chapter shall be known as the "Town of Webb Investment Policy."
The Town Board's responsibility for administration of the investment program is delegated to the Supervisor of the Town of Webb, 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 database or records incorporating description and amounts of investments, transaction dates and other relevant information and 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 to govern effectively.
All participants involved in the investment process shall refrain from personal business activities that could conflict with proper execution of the investment program or which could impair their ability to make impartial investment decisions.
It is the policy of the Town to diversify its deposits and investments by financial institution, by investment instrument and by maturity scheduling.
It is the policy of the Town for all moneys collected by any officer or employee of the government to transfer those funds to the Town Supervisor within three days of deposit or within the time period specified in law, whichever is shorter.
The banks and trust companies authorized for the deposit of monies up to the maximum amounts are Community Bank, N.A. (Old Forge Branch), and Adirondack Bank (Old Forge Branch), each to the maximum amount for which Federal Deposit Insurance Act insurance is available or such other maximum amount as set forth in an approved collateral agreement between the Town and such institutions.
The Supervisor is authorized to open municipal savings, day of deposit/day of withdrawal, money market and such other permitted investments as set forth in § 60-11 hereof.
The Tax Collector is authorized to open a day-to-day municipal savings account.
Other official depositories may be designated by the Town Board at its annual meeting or by resolution of the Town Board at any regular meeting thereof.
In accordance with the provisions of General Municipal Law § 10, all deposits of the Town, 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 an eligible irrevocable letter of credit issued by a qualified bank, other than the bank with the deposits in favor of the government, for a term not to exceed 90 days, with an aggregate value equal to 140% of the aggregate amount of deposits and the agreed-upon interest, if any. A qualified bank is one whose commercial paper and other unsecured short-term debt obligations are rated in one of the three highest rating categories by at least one nationally recognized statistical rating organization or by a bank that is in compliance with applicable federal minimum risk-based capital requirements.
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 or its custodial bank.
As authorized by General Municipal Law § 11, the Town authorizes the Town Supervisor to invest moneys not required for immediate expenditure for terms not to exceed its projected cash flow need 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.
Obligations of the Town, 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 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 within two years of the date of purchase.
The Town shall maintain a list of financial institutions and dealers approved for investment purposes and establish appropriate limits to the amounts 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. 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.
The Supervisor is authorized to contract for the purchase of investments.
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 investments. All such transactions shall be confirmed in writing to the Town 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.