[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.
A.
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.
B.
Town funds may be invested by the Supervisor and Comptroller
in the Merrill Lynch management program known as "Flexicash."
[Amended 6-12-1990]
D.
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]
