Source: https://ecode360.com/31366889
Timestamp: 2018-01-23 04:14:46
Document Index: 238533691

Matched Legal Cases: ['§ 63', '§ 63', '§ 63', '§ 63', '§ 63', '§ 63', '§ 63', '§ 63', '§ 63', '§ 63', '§ 63', '§ 63', '§ 63', '§ 10', '§ 10', '§ 11', '§ 24', '§ 10']

Village of Woodridge, NY Investment Policy
§ 63-1 Scope.
§ 63-2 Objectives.
§ 63-3 Delegation of authority.
§ 63-4 Participants to act responsibly; conflicts of interest.
§ 63-5 Diversification.
§ 63-6 Internal controls.
§ 63-7 Designation of depositories.
§ 63-8 Collateralization of deposits.
§ 63-9 Security and custodial agreements.
§ 63-10 Permitted investments.
§ 63-11 Authorized financial institutions and dealers.
§ 63-12 Purchase of investments.
§ 63-13 Repurchase agreements.
Chapter 63: Investment Policy
[HISTORY: Adopted by the Board of Trustees of the Village of Woodridge 8-2-1993 (Ch. 12 of the 1992 Code). Amendments noted where applicable.]
Chapter 63 : Investment Policy
To conform to all applicable federal, state and other legal requirements (legality).
The governing board's responsibility for administration of the investment program is delegated to the Treasurer, 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 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 Village of Woodridge to govern effectively.
It is the policy of the Village of Woodridge to diversify its deposits and investments by financial institution, by investment instrument and by maturity scheduling.
It is the policy of the Village of Woodridge for all moneys collected by any officer or employee of the government to transfer those funds to the Treasurer within three days of deposit or within the time period specified in law, whichever is shorter.
The Treasurer is responsible for establishing and maintaining an internal control structure to provide reasonable, but not absolute, assurance that deposits and investments are safeguarded against loss from unauthorized use or disposition and that transactions are executed in accordance with management's authorization and recorded properly and are managed in compliance with applicable laws and regulations.
The banks and trust companies authorized for the deposit of moneys up to the maximum amounts are Ellenville National Bank and Bank of New York.
In accordance with the provisions of General Municipal Law § 10, all deposits of the Village of Woodridge, 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 the policy.[1]
Editor's Note: Appendix A is on file in the Village Clerk's office.
Eligible securities used for collateralizing deposits shall be held by the depositary and a third-party 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 Village of Woodridge or its custodial bank.
The custodial agreement shall provide that securities held by the bank or trust company or agent of and custodian for the local government will be kept separate and apart from the general assets of the custodial bank or trust company and will not, in any circumstances, be commingled with or become part of the backing for any other deposit or other liabilities. The agreement should also describe that the custodian shall confirm the receipt, substitution or release of the securities. The agreement shall provide for the frequency of revaluation of eligible securities and for the substitution of securities when a change in the rating of a security may cause ineligibility. Such agreement shall include all provisions necessary to provide the local government a perfected interest in the securities.
As authorized by General Municipal Law § 11, the Village of Woodridge authorizes the Treasurer 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 Village of Woodridge.
All investment obligations shall be payable or redeemable at the option of the Village of Woodridge 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 Village of Woodridge within two years of the date of purchase.
The Village of Woodridge 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 credit worthy. Banks shall provide their most recent Consolidated Report of Condition (Call Report) at the request of the Village of Woodridge. 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 Treasurer is responsible for evaluating the financial position and maintaining a listing of proposed depositaries, trading partners and custodians. Such listing shall be evaluated at least annually.
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 Village of Woodridge 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.
The custodial agreement shall provide that securities held by the bank or trust company as agent of and custodian for the local government will be kept separate and apart from the general assets of the custodial bank or trust company and will not, in any circumstances, be commingled with or become part of the backing for any other deposit or other liabilities. The agreement shall describe how the custodian shall confirm the receipt and release of the securities. Such agreement shall include all provisions necessary to provide the local government a perfected interest in the securities.