[Adopted 9-18-2012 by Ord. No. 2012-28]
A.Â
The Town's funds may be invested in accounts with insured financial
institutions or in other investments approved by resolution adopted
by the Town Board.
B.Â
All investments, except investments in the Local Government Investment
Pool, must be insured by the FDIC or otherwise fully collateralized
by the institution with whom the investment is made. Written confirmation
from the institution that the Town's investments with that institution
are/will be fully collateralized shall be secured and filed in the
Town's records.
C.Â
At all times the Town shall maintain in readily available funds (checking
and/or money market funds) at least $500,000.
A.Â
Designated Town officials shall make inquiry among depositories that meet the requirement set forth in § 35-16 above to determine their interest in providing the Town with quotes for the deposit of Town funds.
B.Â
When Town funds are available for investment or reinvestment, the
designated Town officials shall then provide, to those depositories
that have indicated an interest in providing the Town with quotes,
details of the amount of funds offered for investment, type of investment
solicited, maturity date, deadline for accepting quotes, and other
relevant information. Those depositories shall also be provided with
a written form to be used in submitting quotes to the Town. The designated
Town officials shall review the quotes provided and then proceed with
investing or reinvesting in accordance with the investment guidelines
and other directions of the Town Board.
The Town Board shall establish other guidelines for the investing
of the Town's funds by resolution to be adopted by the Town Board.
