Town of Highlands, NY
Orange County
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Table of Contents
Table of Contents
[HISTORY: Adopted by the Town Board of the Town of Highlands 7-14-1987. Amendments noted where applicable.]
All town funds shall be deposited in interest-bearing demand accounts when first received. Depositories that satisfy the necessary regulatory bodies shall be designated by the Town Board at the organizational meeting in January of each year.
When the Chief Fiscal Officer, in his best judgment, determines from time to time that funds not currently needed for day to day operations are available for short term investment and when, in the Chief Fiscal Officer's best judgment, the interest spread makes the funds transfer beneficial to the town fiscal operations, then the Chief Fiscal Officer will purchase thirty- to ninety-day certificates of deposit in Board-designated depositories.
Interest earned on any town funds shall be appropriately credited to the town fund account upon receipt, at maturity.
Traditionally, the depository shall send advices to the town showing the collateral securities held to the benefit of the town.
The town funds shall be invested only in certificates of deposit in Board-designated depositories. Of course, operating fund interest bearing checking accounts shall also be maintained in the designated financial institutions.
Town funds may be invested by the Supervisor and Comptroller in the Merrill Lynch management program known as "Flexicash."
[Amended 6-12-1990]
Town funds may be invested in:
[Amended 7-13-1993]
Obligations of the United States of America.
Obligations guaranteed by agencies of the United States of America where the payment of principal and interest are guaranteed by the United States of America.
These investments will be purchased by participation in a cooperative investment program with another authorized governmental entity pursuant to Article 5-G of the General Municipal Law where such Comptroller Opinion No. 88-46, and the specific program has been authorized by the Town Board of the Town of Highlands.
[Amended 7-13-1993]