§ 35-10. Permitted investments.

A. 

As authorized by General Municipal Law § 11, the village authorizes the Chief Fiscal Officer to invest moneys not required for immediate expenditure for terms not to exceed its projected cash flow needs in the following types of investments:

(1) 

Special time deposit accounts.

(2) 

Certificates of deposit.

(3) 

Obligations of the United States of America.

(4) 

Obligations guaranteed by agencies of the United States of America where the payment of principal and interest are guaranteed by the United States of America;

(5) 

Obligations of the State of New York.

B. 

All investment obligations shall be payable or redeemable at the option of the village within such times as the 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 within two years of the date of purchase.