(A) The Clerk-Treasurer is hereby authorized to invest and reinvest any money, including money raised by bonds issued for future specific purposes, sinking funds, depreciation reserve funds, and gifts, bequests or endowments, which are under the control of any department, board, commission or utility of the town, in bills, certificates of indebtedness, notes and bonds of the United States of America, or such other bonds, debentures or obligations as are described and set forth in the Acts of 1945, Chapter 9, Section 1, as amended from time to time, subject to all of the provisions of said Act, as amended from time to time.
(B) The Clerk-Treasurer is authorized to invest such excess funds in certificates of deposit issued by state banks, trust companies, mutual savings banks or national banks having their principal offices within the county, or with such excess funds to enter into repurchase or resale agreements involving the purchase and guaranteed resale of any interest-bearing obligations issued, or fully insured or guaranteed by the United States or any United States government agency, in which agreement the amount of money must be fully collateralized by interest- bearing obligations as determined by the current market value as computed on the day the agreement is effective, or with such excess funds to invest in interest-bearing accounts of duly designated depositories, as provided for by law, all subject to and in conformity with all of the provisions of the Acts of 1945, Chapter 9, Section 2, as amended from time to time.
(C) Interest received from the investment of a specific named fund shall be credited to that fund, and interest from the investment of other moneys shall be credited to the general fund of the town.
(D) In any and all such investments, generally, all laws of the state applicable to the making of such investments, the use of the funds derived therefrom, the methods of investing, the authorized depositories for investments, or in general, any and all matters pertaining thereto, shall be strictly adhered to by the Clerk- Treasurer.
(Ord. 283, passed 3-12-80)