VILLAGE BOARD MEETING MINUTES - MARCH 29, 2010

     Mayor Skeet opened Annual meeting at 7:01 pm.

     Members Present: Mayor Skeet, Trustees Peterson, Graham and Bielec. Trustee Sobczak arrived at 7:07 pm.                                 

     Clerk Thomas administered Oath of Office to Trustee Bielec as Trustee for two years.

     Motion made by Trustee Graham and seconded by Trustee Peterson to approve minutes of 3/22 Committee meeting.

     Trustee Sobczak arrived at 7:07 and Clerk Thomas administered the Oath of Office to him as Trustee for two years.

      Clerk questioned intentions of Board members that had shown an interest in the Hawley trip to Albany as payment is due on April 7th.  Mayor Skeet said he would not be able to go. Trustees Peterson and Bielec said they did plan on going.

     Motion was made by Trustee Graham and seconded by Trustee Sobczak to approve payment of $560 each for two attendees to the Hawley trip to Albany.

    
Communications:

1. Recd Disclosure statement from Floss Ins re: commissions and fees.
2. Rec’d WW Facility Operations report and DMR for Feb 2010 from VRI.
3. Rec’d ck#3600308865 in amt of $1427.00 from Nat’l Grid for qtrly Utility tax.
4. Rec’d ck#167220 in amt of $1293.23 from Nat’l Fuel for qtrly Utility tax.
5. Rec’d ck#56226593 in amt of $255.23 from Citizens for qtrly Utility tax.
6. Rec’d ck#78327723 in amt of $18,550.00 from NYS Dept of Justice for License Plate Reader grant.
7. Rec’d ck#6986 in amt of $1071.00 & .42 cash from Denise Beal for Health Ins.
8. Rec’d letter from NYS Parks informing Park Grant was not funded.

     Board made the decision to set the Public Hearing for the Budget as April 26th at 7:00 pm.

     Motion was made by Trustee Sobczak and seconded by Trustee Peterson to move the following Resolution:
RESOLVED:  That the Village of Corfu hereby re-adopts the Reciprocal Municipal Agreement whereby the Code/Building Administrator for the Town shall administer and enforce all of the provisions of the New York State Uniform Fire Prevention and Building Codes within the Village in the absence of the Village Code Enforcement Officer; and the Village Code Enforcement Officer will assist the Town in a like manner as per attached Municipal Cooperation Agreement.

     Motion by Trustee Peterson and seconded by Trustee Bielec that the Batavia Daily News be designated as the official newspaper.

     Motion by Trustee Graham and seconded by Trustee Peterson that M&T Bank, Corfu, NY be designated the official depository of the Village of Corfu, and that Investment Policy remain the same as adopted December 8, 2008.(See Attached)

     Brief discussion took place regarding examining other Bank options as well as possibly contacting a CPA to examine investment opportunities for Village Funds to get the most return for the money.  Clerk will put together a list of accounts for Trustee Graham to research a couple of different options and Trustee Bielec said he would contact a local CPA he is familiar with.

     Motion by Trustee Sobczak and seconded by Trustee Peterson that the Village Board meeting be held second Monday of each month at 7:00 pm.

     Motion by Trustee Sobczak and seconded by Trustee Peterson that the Board establish a mileage rate of $.45 per mile to be paid to those employees designated to receive mileage.

      Motion by Trustee Bielec and seconded by Trustee Sobczak to establish special meetings of the Board of Trustees as follows:
     The Mayor and Trustees of the Village shall constitute the Board of Trustees thereof. The Board shall meet at seven o’clock in the evening of the first Monday in the month following the annual election and such meeting is known as the annual meeting of the Board. The Board shall hold other regular meetings at such times and places in the Village as it shall by resolution provide. Special meetings may be called by the Mayor or any two Trustees, by causing a written notice, specifying the time and place thereof, to be served upon each member of the Board, personally, at least one hour, or by leaving a notice at his/her residence or place of business with some person of suitable age or discretion, at least twenty-four hours before the time of the meeting, or by mailing such notice at least seventy-two hours before such meeting. Any meeting may be adjourned to a later date, but not for more than three weeks. (See Section 87 of Village Law)

                                              
      Public Works and Public Safety Committee meetings will be held the fourth Monday of the month at 7:00 pm.

Mayor Skeet made the following appointments:
     That Kevin Earl is appointed Village Attorney for a term of four months.
     Motion by Trustee Peterson and seconded by Trustee Bielec to approve the above appointment.

                                                 
     That Judge Alexander is appointed to oversee the Court Department.

     Motion by Trustee Sobczak and seconded by Trustee Graham to approve the above appointment.

     Mayor Skeet appointed Trustee Ralph Peterson as Deputy Mayor for term of one year.
     Motion by Trustee Sobczak and seconded by Trustee Graham to approve the above appointment.

                         
     Pursuant to Village Law 5-524(6) motion by Trustee Sobczak and seconded by Trustee Peterson to move the following resolution:
RESOLVED: That the Board of Trustees authorizes payment in advance of audit of claims for public utility services, postage, freight and discounted invoice charges. All such claims must be presented at the next regular meeting for audit and the claimant and the officer incurring or approving the claim are jointly and severally liable for any amount the Board of Trustees disallows;
AND that this resolution is effective immediately.

                                         
The following Departmental appointments were made by Mayor Skeet:
     Sewer Department:               Trustees Graham and Peterson
     Maintenance Department:    Mayor Skeet and Trustee Bielec
     Police Department:               Mayor Skeet and Trustee Graham
     Office Department:               Trustees Sobczak and Bielec
    
     Brief discussion took place regarding requiring departmental reports from Planning, Zoning and Building departments on at least a quarterly basis.  Mayor Skeet said he feels one Trustee should plan to attend each Planning Board meeting and it could be done on a rotating schedule to be kept track of by the Clerk.

     Bobcat Bid Notice was briefly discussed and Board determined to set minimum bid for Bobcat at $17,500 and for the Tracks at $1200.  Clerk will get ad placed this week.

     Motion made by Trustee Graham and seconded by Trustee Sobczak to adjourn meeting.

Sandra Thomas
Clerk Treasurer

                                Village of Corfu
INVESTMENT POLICY

Dated December 8, 2008

•      SCOPE

            This investment policy applies to all moneys and other financial resources available for investment to the Village of Corfu on its own behalf or on the behalf of any other entity or individual.

•       OBJECTIVES

            The primary objective of the Village of Corfu’s investment activities are, in priority order,

• To conform to all applicable federal, state and other legal requirements
• To adequately safeguard principal
• To provide sufficient liquidity to meet all operating requirements
• To obtain a reasonable rate of return

• DELEGATION OF AUTHORITY

            The responsibility for administration of the Village of Corfu’s investment program is delegated to the Village Treasurer, the Village’s Chief Fiscal Officer, who shall establish written procedures for the operation of the investment program consistent with these investment guidelines.  Such procedures shall include an adequate internal control structure to provide a satisfactory level of accountability based on a database or reports incorporating a description and amounts of investments, transaction dates and other relevant information and regulate the activities of subordinate employees.

• PRUDENCE

            All participants in the investment process shall seek to act responsibly as custodians of the public trust and shall avoid any transaction that might impair public confidence in the Village Board to govern effectively.

            Investments shall be made with judgment and care, under circumstances then prevailing, which persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the safety and liquidity of the principal as well as the probable income to be derived.

            To ensure a competitive rate of return, the Village of Treasurer will seek quoted interest rates from at least three banks before placing the Village’s funds with the highest bidder, and will report if a bank passes on a quote.

            All participants involved in the investment process shall refrain from personal business activity that could conflict with proper execution of their investment program, or which could impair their ability to make impartial investment decisions.

•    DIVERSIFICATION

            It is the policy of the Village Board to diversify its deposits and investments by financial institution, by investment instrument, and by maturity scheduling.

• INTERNAL CONTROLS

            It is the policy of the Village Board for all moneys collected by any officer or employee of the Village of Corfu to transfer those funds to the Village Treasurer within two (2) days of deposit, or within the time period specified in law, whichever is shorter.

The Village Treasurer is responsible for establishing and maintaining an internal control structure to provide reasonable, but not absolute, assurance that deposits and investments are safeguarded against loss from unauthorized use or disposition, that transactions are executed in accordance with management’s authorization and recorded properly, and are managed in compliance with applicable laws and regulations.  However, deposits for the Village Court of the Village of Corfu, New York, will be made into separate accounts by the appropriate Court officials as required by statute.

• DESIGNATION OF DEPOSITARIES

            The banks and trust companies authorized for deposit of moneys in Short Term C/Ds, Money Market Accounts, Savings Accounts or Treasury obligations up to the flowing amounts are:

                        Depository Name:                        Maximum Amount:
                       
                        M&T Bank                        $3,000,000                                                                  or sufficient to cover Bank Fees
                        Key Bank                        $3,000,000                                                                 
                        Citizens Bank                        $3,000,000     
                        Five Star Bank                        $3,000,000                                                                 
                          JP Morgan Chase                                      $3,000,000                 
VIII.    COLLATERIZING OF DEPOSITS
                       
            In accordance with the provisions of Section 10 of the NYS General Municipal Law, all deposits of the Village of Corfu, including certificates of deposit and special time deposits, in excess of the amount insured under the provisions of the Federal Deposit Insurance Act shall be secured:

1. By a pledge of “eligible securities” with an aggregate “market value”, as provided by General Municipal Law, section 10, equal to aggregate amount of deposits.

2. By an eligible “irrevocable letter of credit” issued by a qualified bank other than the bank with the deposits in favor of the Village of Corfu for a term not to exceed 90 days with an aggregate value equal to 105% of the aggregate amount of the deposits and the agreed upon interest, if any in compliance with section 10(3), 11(2). A qualified bank is one whose commercial paper and other unsecured short term debt obligations are rated in one of the three highest rating categories by at least one nationally recognized statistical rating organization or by a bank that is in compliance with applicable federal minimum risk based capital requirement.

3. By an eligible surety bond payable to the government, for an amount at least equal to 100% of the aggregate by an insurance company authorized to do business in New York State, whose claims paying ability is rated in the highest rating category by at least two nationally recognized statistically rating organization.

4. By an “irrevocable letter of credit” issued in favor of the Village of Corfu by a federal home loan bank whose commercial paper and other unsecured short-term debt obligations are rated in the highest rating category by at least one nationally recognized statistical rating organization. Such letter of credit shall be payable to the Village of Corfu as security for payment of 100% of the aggregate amount of public deposits with the participating institution as provided by General Municipal Law section 10(3)(c)(ii).

IX. SAFEKEEPING AND COLLATERIZATION

            Eligible securities used for collateralizing deposits shall be held by (the depository and/or a third party) bank or trust company subject to security and custodial agreements.

            The security agreement shall provide that eligible securities are being pledged to secure local government deposits together with agreed upon interest, if any, and any costs or expenses arising out of the collection of such deposits upon default.  It shall also provide the conditions under which the securities may be sold, presented for payment, substituted or released and the events, which will enable the local government to exercise its rights against the pledged securities.  In the event that the securities are not registered or inscribed in the name of the local government, such securities shall be delivered in a form suitable for transfer or with an assignment in blank to the Village of Corfu or its custodial bank.

            The custodial agreement shall provide that securities held by the bank or trust company, or 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.  The agreement should also describe that the custodian shall confirm the receipt, substitution or release of the securities.  The agreement shall provide for the frequency of revaluation of eligible securities and for the substitution of securities when a change in the rating of a security may cause ineligibility.  Such agreement shall include all provisions necessary to provide the local government a perfected interest in the securities.

X.  PERMITTED INVESTMENTS

As authorized by General Municipal Law, 11, the Village of Corfu Board authorizes the Village Treasurer to invest moneys not required for immediate expenditure for terms not to exceed its projected cash flow needs in the following types of investments:

• Special time deposits
• Certificates of deposits
• Obligations of the United States of America
• Obligations guaranteed by agencies of the United States of America where the payment and interest are guaranteed by the United States of America
• Obligations of the State of New York
• Obligations issued pursuant to the LFL 24.00 or 25.00 (with approval of the State Comptroller) by any municipality, school district or district corporation other than the Village of Corfu.
• Obligations of public authorities, public housing authorities, urban renewal agencies and industrial development agencies where the general State Statutes governing such entities or whose specific enabling legislation authorizes such investments
• Certificates of Participation (COPs) issued pursuant to GML, 109-b
• Obligations of this local government, but only with any moneys in a reserve fund established pursuant to GLM, 6-c, 6-d, 6-e, 6-g, 6-h, 6-j, 6-k, 6-l, 6-m, or 6-n

All investment obligations shall be payable or redeemable at the option of the Village of Corfu within such times as proceeds will be needed to meet expenditures for purposes for which the moneys were provided and, in the case of obligations purchased with the proceeds of bonds or notes, shall be payable or redeemable at the option of the Village of Corfu within two years of the date of purchase.

XI.  AUTHORIZING FINANCIAL INSTITUTIONS AND DEALERS

            The Village of Corfu shall maintain a list of financial institutions and dealers approved for investment purposes and establish appropriate limits to the amount of investments, which can be made with each financial institution or dealer.  All financial institutions with which the local government conducts business must be credit worthy.  Banks shall provide their most recent consolidated report of condition (call report) at the request of the Village of Corfu. Security dealers not affiliated with a bank shall be required to be classified as reporting dealers affiliated with the New York Federal Reserve Bank, as primary dealers.  The Village Treasurer is responsible for evaluating the financial position and maintaining a listing of proposed depositaries, trading partners and custodians.  Such listing shall be evaluated at least annually.

XII.    PURCHASE OF INVESTMENT

 The Village Treasurer is authorized to contract for purchase of investments:

• Directly, including through a repurchase agreement, from an authorized trading partner.

• By participating in a cooperative investment program with another authorized governmental entity pursuant to article 5G of the General Municipal Law where such program meets 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.

• By utilizing an ongoing investment program with an authorized investment advisor 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 Village Treasurer.  All such transactions shall be held pursuant to a written custodial agreement as described in General Municipal Law, 10.

            The Custodial agreement shall provide that securities held by the bank or trust company, as agent of and custodial for, the local government, will be kept separate and apart from the general assets of the custodial bank or trust government and will not, in any circumstances, be commingled with or become part of the backing for any other deposit or other liabilities. The agreement shall describe how the custodian shall confirm the receipt and release of the securities.  Such agreement shall include all provisions necessary to provide the local government a perfected interest in the securities.

XIII.   REPURCHASE AGREEMENTS

            Repurchase agreements are authorized subject to the following restrictions:

• All repurchase agreements must be entered into subject to a master repurchase agreement.
• Trading partners are limited to banks or trust companies authorized to do business in New York State and primary reporting dealers.
• Obligations shall be limited of the United States of America and obligations of agencies of the United States of America where principal and interest are guaranteed by the United States of America.
• No substitution of securities will be allowed.
• The custodian shall be a party other than the trading partner.

XIV.   ANNUAL REVIEW OF INVESTMENT POLICY

            This policy shall be reviewed and approved annually by the Village of Corfu Board of Trustees at its annual reorganization meeting.

Readopted by the Village of Corfu Board of Trustees this 5th day of April, 2010.