[HISTORY: Adopted by the Town Council of the Town of South Berwick 8-26-1991.
Amendments noted where applicable.]
A.
The Town of South Berwick Town Council hereby adopts
the following cash management policy and rules for utilization by the Town
Treasurer and the Town Council in the cash management of the Town of South
Berwick.
B.
The purpose of the Town Council in establishing this
policy is to ensure an adequate amount of cash available to meet daily needs,
maximize the availability of cash for investment purposes, to maximize the
rate of return on the investment of idle cash and to ensure that the principal
amount of cash invested is protected from loss.
A.
Delegation. Pursuant with 30-A M.R.S.A. §§ 5603
and 5706, the authority of the municipal officers to direct the investment
of municipal funds is hereby delegated to the Town Treasurer or in his absence
to the Deputy Town Treasurer.
B.
Investments. The Town Treasurer is authorized to invest
municipal funds in accordance with the provisions of 30-A M.R.S.A. § 5706.
The maximum maturity limit on securities purchases with cash from the General
Fund shall be 12 months. Maturities on securities purchased with cash from
other town funds may be longer with the permission of the Town Council.
C.
Redemption. The Town Treasurer shall redeem the securities
in which funds are invested. The proceeds of the investments shall be applied
to the funds from which the securities were purchased.
A.
Cash budget. The Town Treasurer shall prepare a cash
flow projection for the fiscal year during the month preceding the start of
the fiscal year.
B.
Selection of securities. The Town Treasurer shall select
securities for investment purposes on a competitive basis.
C.
Reports. The Treasurer shall make quarterly reports to
the Town Council of all investments.
