[1]
Editor's Note: This article was originally
adopted by the Board of Selectmen 5-10-1978.
There shall be established a committee known
as the "Woodbridge Investment Committee."
The Committee shall manage, control, invest
and reinvest all trust and special funds which the Town has acquired,
or hereafter may acquire, by bequest, trust, will or other devise.
The Committee shall consist of five members:
a member of the Board of Selectmen designated by said Board; a member
of the Board of Finance designated by said Board; the Treasurer of
said Town; and two resident members at large, knowledgeable in investment,
to be appointed by the Board of Selectmen. The members shall serve
until their successors are appointed and take office.
The member of the Board of Selectmen, the member
of the Board of Finance, and the Treasurer shall serve for terms consistent
with their elective or appointed terms.
A.
The Committee shall develop and maintain an investment
policy and plan consistent with the purpose of each fund and consistent
with the laws concerning investments by fiduciaries. If the desires
of the donor are not known, the Committee shall prescribe the uses
to which a fund may be put and the conditions pertaining thereto;
B.
The Committee shall appoint such personnel as it deems
necessary to fulfill its purposes;
C.
The Committee is empowered to designate the trust
department of any bank located in Connecticut to act as agent or custodian
for any funds under its control if it deems it prudent to do so;
D.
The Committee shall submit an annual report containing
a statement of the investments in each fund, the income received therefrom,
and any other pertinent information;
E.
The Committee shall meet at least semiannually.
