Common use of Purchase of Investments Clause in Contracts

Purchase of Investments. The Treasurer or Deputy Treasurer and the Assistant Superintendent each is authorized to contract for the purchase of investments: 1. Directly, including through a repurchase agreement, from an authorized trading partner. 2. By participation in a cooperative investment program with another authorized governmental entity pursuant to article 3-A and article 5-G of the GML where such program meets, among all other things, substantially all the requirements set forth in the Office of the State Comptroller Opinion No. 88-46, and the specific program has been authorized by the Governing Board. 3. By utilizing an ongoing investment program with an authorized trading partner pursuant to a contract authorized by the Governing Board. All purchased obligations, unless registered or inscribed in the name of the local government, shall be purchased through, delivered to and held in the custody of a bank or trust company. Such obligations shall be purchased, sold or presented for redemption or payment by such bank or trust company only in accordance with prior written authorization from the officer authorized to make the investment. All such transactions shall be confirmed in writing to the Red Hook Central School District by Investment Consultant. Any obligation held in the custody of a bank or trust company shall be held pursuant to a written custodial agreement as described in Section 10 of the GML. The custodial agreement shall provide that securities held by the bank or trust company, as agent of and custodian for, the local government, will be kept separate and apart from the general assets of the custodial bank or trust company and will not, in any circumstances, be commingled with or become part of the backing for any other deposit or other liabilities. Such agreement shall describe how the custodian shall confirm the receipt, substitution and release of the securities. Such agreement shall include all provisions necessary to provide the local government a perfected interest in the securities. Such agreement shall provide for the frequency of revaluation of collateral by the custodian and the substitution of collateral when a change in the rating of a security causes ineligibility pursuant to Section 10(1)(f) of the GML.

Purchase of Investments. The Treasurer or Deputy Treasurer and the Assistant Superintendent each is authorized to contract for the purchase of investments: 1. Directly, including through a repurchase agreement, from an authorized trading partner. 2. By participation in a cooperative investment program with another authorized governmental entity pursuant to article 3-A and article 5-G of the GML where such program meets, among all other things, substantially all the requirements set forth in the Office of the State Comptroller Opinion No. 88-46, and the specific program has been authorized by the Governing Board. 3. By utilizing an ongoing investment program with an authorized trading partner pursuant to a contract authorized by the Governing Board. All purchased obligations, unless registered or inscribed in the name of the local government, shall be purchased through, delivered to and held in the custody of a bank or trust company. Such obligations shall be purchased, sold or presented for redemption or payment by such bank or trust company only in accordance with prior written authorization from the officer authorized to make the investment. All such transactions shall be confirmed in writing to the Red Hook Cheektowaga Central School District by Investment Consultantthe bank or trust company. Any obligation held in the custody of a bank or trust company shall be held pursuant to a written custodial agreement as described in Section 10 of the GML. The custodial agreement shall provide that securities held by the bank or trust company, as agent of and custodian for, the local government, will be kept separate and apart from the general assets of the custodial bank or trust company and will not, in any circumstances, be commingled with or become part of the backing for any other deposit or other liabilities. Such agreement shall describe how the custodian shall confirm the receipt, substitution and release of the securities. Such agreement shall include all provisions necessary to provide the local government a perfected interest in the securities. Such agreement shall provide for the frequency of revaluation of collateral by the custodian and the substitution of collateral when a change in the rating of a security causes ineligibility pursuant to Section 10(1)(f) of the GML.