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(A) The Treasurer is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the village are protected from loss, theft or misuse. The internal control structure shall be designed to provide reasonable assurance that these objectives are met.
(B) The internal controls shall address the following points:
(1) Control of collusion;
(2) Separation of transaction authority from accounting;
(3) Custodial safekeeping; and
(4) Written confirmation of telephone transactions for investments and wire transfers.
(2007 Code, § 1-6-13)
The investment portfolio will be managed in accordance with the parameters specified within this subchapter. The portfolio should obtain a comparable rate of return during a market/economic environment of stable interest rates. Portfolio performance should be compared to benchmarks with similar maturity, liquidity and credit quality as the portfolio.
(2007 Code, § 1-6-14)
The Treasurer shall prepare an investment report at least monthly. The report should be provided to the Board of Trustees and available to the general public on request. The report should be in a format suitable for review by the general public. An annual report should also be provided to the Board.
(2007 Code, § 1-6-15)
BIDDING AND CONTRACTING
Any work or other public improvement which is not to be paid for in whole or in part by special assessment or special taxation, and all purchases of and contracts for supplies, materials and services shall, except as specifically provided herein, be based whenever possible on competitive bids.
(2007 Code, § 1-2-26)
All work or other public improvement which is not to be paid for in whole or in part by special assessment or special taxation, and all purchases, orders or contracts for supplies, materials, equipment or contractual services, except as otherwise provided herein, when the estimated cost thereof shall exceed $10,000, shall be purchased from the lowest responsible bidder, after due notice inviting bids, unless competitive bidding is waived by a vote of two-thirds of the Trustees then holding office.
(2007 Code, § 1-2-26)
(A) Notice inviting bids shall be published at least once in a newspaper with general circulation within the village.
(B) The village shall also advertise all pending work or purchases by posting a notice on the public bulletin board in the Village Hall.
(2007 Code, § 1-2-26)
(A) When deemed necessary by the Board of Trustees, bid deposits shall be prescribed in the public notices inviting bids.
(B) (1) Unsuccessful bidders shall be entitled to the return of their bid deposits upon the award of the contract by the Board of Trustees.
(2) A successful bidder shall forfeit any bid deposit required by the Board of Trustees upon failure on his or her part to enter into a contract within ten days after the award.
(2007 Code, § 1-2-26)
(A) Sealed. Bids shall be submitted sealed to the village and shall be identified as bids on the envelope.
(B) Opening. Bids shall be opened in public at the time and place stated in the public notice.
(C) Tabulation. A tabulation of all bids received shall be made by the Board of Trustees or by a village employee, in which event, a tabulation of the bids shall be furnished to the Board of Trustees at its next regular meeting.
(2007 Code, § 1-2-26)
(A) Authority in village. The Board of Trustees shall have the authority to award contracts within the purview of this section.
(B) Lowest responsible bidder. Contracts shall be awarded to the lowest responsible bidder on the basis of the bid that is in the best interest of the village to accept. In awarding the contract, in addition to price, the Board of Trustees shall consider:
(1) The ability, capacity and skill of the bidder to perform the contract to provide the service required;
(2) Whether the bidder can perform the contract or provide the service promptly, or within the time specified, without delay or interference;
(3) The character, integrity, reputation, judgment, experience and efficiency of the bidder;
(4) The quality of the performance of previous contracts or services;
(5) The previous and existing compliance by the bidder with laws and ordinances relating to the contract or service;
(6) The sufficiency of the financial resources and ability of the bidder to perform the contract or provide the service;
(7) The quality, availability and adaptability of the supplies or contractual services to the particular use required;
(8) The ability of the bidder to provide future maintenance and service for the use of the subject of the contract;
(9) The number and scope of conditions attached to the bid; and
(10) Whether the bidder has furnished a certificate of insurance indicating worker’s compensation and employers’ liability coverage and the policy limits for such coverage.
(C) Performance bonds. The Board of Trustees shall have the authority to require a performance bond, before entering into a contract, in such amounts as it shall find reasonably necessary to protect the best interests of the village.
(2007 Code, § 1-2-26)
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