[HISTORY: Adopted by the Town Board of the Town of Mount
Hope 1-6-2014. Amendments noted
where applicable.]
GENERAL REFERENCES
Procurement policy — See Ch. 59.
The Town Supervisor is designated to make all investment transactions
for the Town. The Town of Mount Hope investment policies are governed
by the statutes of the State of New York; however, the Town must have
a stated and approved investment policy. The Town funds are deposited
in FDIC-insured banks located within the state. The Town uses demand
accounts and may use certificates of deposit. Collateral is required
for all funds on deposit not covered by federal deposit insurance.
Obligations that are pledged as collateral shall be obligations of
the United States, its agencies, New York State, its municipalities
and school districts. The collateral should be placed in a third-party
bank and the third-party bank is to give the Town notification of
possession. The depositories for the Town investments shall be First
National Bank of Jeffersonville, Hometown Bank of the Hudson Valley,
Orange County Trust Company.
The investment policy of the Town shall be in accordance with
the statutes of New York State and be reviewed annually and revised
as necessary to reflect changes in available investment opportunities
and market conditions. Investment records and controls should be within
the guidelines of policies and procedures set forth by the office
of the State Comptroller.
