[HISTORY: Adopted by the Town Board of the Town of Stafford 12-2001. Amendments noted where applicable.]
This investment policy applies to all moneys and other financial
resources available for investment by the Town of Stafford.
The objectives of this policy for the Town of Stafford are to:
The Town Board's responsibility for administration of the
investment program is delegated to the Supervisor who is the Chief
Fiscal Officer of the Town of Stafford. The Supervisor will invest
Town monies as authorized by this policy. The Supervisor shall follow
procedures that provide a satisfactory level of accountability for
Town monies that are invested by him and under his control.
A.
The Supervisor should invest Town monies in a responsible manner
as the custodian of the public trust and shall avoid any transaction
that might impair public confidence in the Town of Stafford to govern
effectively.
B.
Investments should be made with judgment and care, under circumstance
in which a prudent person would apply to his/her own affairs, not
for speculation, but for investment, and all investments shall be
made considering safety of the principal as well as the income to
be earned. The investing officer shall refrain from personal business
activity that could interfere with his proper execution of his duties
on behalf of the Town of Stafford. All investment decisions should
be impartial.
C.
Except as approved by the Stafford Town Board, all Town monies shall
be deposited in appropriate checking and savings accounts. Excess
funds, not needed to meet current operating requirements, shall be
invested in certificate of deposits. The Supervisor through inquiry
shall obtain the best rate of return on the certificate of deposits.
The Town Board shall approve investment of Town monies in other instruments
(such as repurchase agreements), other than those included in this
section, in advance.
Wherever possible, the Supervisor of the Town of Stafford should
attempt to diversify its investments (CDs) among several different
banks and should always seek the best rate of return.
Annually the Town Board of the Town of Stafford shall review
and authorize the banks and trust companies where the Supervisor may
deposit Town funds.
In accordance with General Municipal Law, § 10, all
deposits of the Town of Stafford, 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. The eligible securities pledged should
have a market value equal to or in excess of the amount invested by
the Supervisor that exceeds federal deposit insurance coverage.
Eligible securities pledged by the bank as collateral shall
be held by a third-party bank or trust company subject to the Town's
third-party agreement(s) as reviewed and approved by the Attorney
for the Town.
The Town Board shall review this investment policy on a yearly
basis at the annual organization meeting held in January of each year.
