(A) All security transactions, including collateral for repurchase agreements, entered into by the village shall be conducted on a delivery-versus-payment (DVP) basis. Securities will be held by an independent third party custodian designated by the Village Treasurer and evidenced by safekeeping receipts and a written custodial agreement.
(B) Investment officials shall be bonded to protect the village against loss due to possible embezzlement and malfeasance.
(Ord. passed - -1999)