3. APPOINTMENT OF DEPUTY MAYOR (MAYORAL APPOINTEE) 4. MAYOR’S APPOINTMENTS TO SEXUAL HARASSMENT COMMITTEE 5. APPOINTMENT OF VILLAGE PROSECUTOR 6. APPOINTMENT OF VILLAGE ATTORNEY 7. APPOINTMENT OF BOND COUNSEL 8. AUTHORIZATION FOR FIDELITY BONDS FOR EMPLOYEES
9. DESIGNATION OF DEPOSITORIES 10. DESIGNATION OF SIGNATORIES 11. DESIGNATION OF OFFICIAL NEWSPAPER 12. DESIGNATION OF MEETING AND WORK SESSION NIGHTS OF BOARD OF TRUSTEES
WRITTEN INVESTMENT POLICY VILLAGE OF MAMARONECK INVESTMENT POLICY 1 Scope. This Investment Policy applies to all moneys and other financial resources available for investment on its own behalf or on behalf of any other entity or individual. 2 Objectives. The primary objectives of the local government's investment activities are, in priority order: A. To conform with all applicable federal, state and other legal requirements. B. To adequately safeguard principal. C. To provide sufficient liquidity to meet all operating requirements. D. To obtain a reasonable rate of return. 3 Delegation of authority. The governing board's responsibility for administration of the investment program is delegated to the Clerk-Treasurer, 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 records incorporating description and amounts of investments, transaction dates and other relevant information and regulate the activities of subordinate employees. 4 Prudence. A. 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 of Mamaroneck to govern effectively. B. 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 of the principal as well as the probable income to be derived. C. All participants involved in the investment process shall refrain from personal business activity that could conflict with proper execution of the investment program, or which could impair their ability to make impartial investment decisions. 5 Diversification. It is the policy of the Village of Mamaroneck to diversify its deposits and investments by financial institution, by investment instrument and by maturity scheduling. 6 Internal controls. A. It is the policy of the Village of Mamaroneck for all moneys collected and deposited by any officer or employee of the government to report those funds to the Clerk-Treasurer within three days of deposit or within the time period specified by law, whichever is shorter. B. The Clerk-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. 7 Designation of depositories. The banks and trust companies authorized for the deposit of moneys up to the maximum amounts are: Depositary Name Maximum Amount Officer JP Morgan Chase Bank $20,000,000 John Gardell Sterling National Bank $5,000,000 Rose Silvestro TD Bank $1,000,000 Caren Roeder 8 Collateralizing of deposits. In accordance with the provisions of General Municipal Law § 10, all deposits of the Village of Mamaroneck, 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: A. By a pledge of eligible securities with an aggregate market value as provided by General Municipal Law § 10, equal to the aggregate amount of deposits from the categories designated in Appendix A to the policy. Editor's Note: Appendix A is on file in the Village offices. B. By an eligible irrevocable letter of credit issued by a qualified bank other than the bank with the deposits in favor of the government for a term not to exceed 90 days with an aggregate value equal to 140% of the aggregate amount of deposits and the agreed-upon interest, if any. 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 requirements. Excluded from eligible securities for collateralization are letters of credit issued by the Federal Home Loan Bank. C. By an eligible surety bond payable to the government for an amount at least equal to 100% of the aggregate amount of deposits and the agreed-upon interest, if any, executed 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 statistical rating organizations. 9 Safekeeping and collateralization. A. Eligible securities used for collateralizing deposits shall be held by the designated depository and/or a third-party bank or trust company subject to security and custodial agreements. B. 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 Mamaroneck or its custodial bank. C. 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 deposits 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. D. Agostino A. Fusco, Clerk-Treasurer, is hereby authorized to execute the Third-Party Custodian Agreement and that he be named as "authorized persons" as the term applies to the Third-Party Custodian Agreement. 10 Permitted investments. A. As authorized by General Municipal Law § 11, the Village of Mamaroneck authorizes the Clerk- 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: (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. (6) Obligations issued pursuant to Local Finance Law § 24.00 or 25.00 (with approval of the State Comptroller) by any municipality, school district or district corporation other than the Village of Mamaroneck. (7) 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. (8) Certificates of participation (COPs) issued pursuant to General Municipal Law §109-b. (9) Obligations of this local government, but only with any moneys in a reserve fund established pursuant to General Municipal Law § 6-c, 6-d, 6-e, 6-g, 6-h, 6-j, 6-k, 6-l, 6-m or 6-n. B. All investment obligations shall be payable or redeemable at the option of the Village of Mamaroneck 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 of Mamaroneck within two years of the date of purchase. 11 Authorized financial Institutions and dealers. The Village of Mamaroneck 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 creditworthy. Banks shall provide their most recent Consolidated Report of Condition (Call Report) at the request of the Village of Mamaroneck. 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 Clerk-Treasurer is responsible for evaluating the financial position and maintaining a listing of proposed depositories, trading partners and custodians. Such listing shall be evaluated at least annually. 12 Purchase of investments. A. The Clerk-Treasurer 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 5G of the General Municipal Law where such program meets all the requirements set forth in the Office of the State Comptroller Opinion No. 88-06, 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. B. 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 obligation 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 Village of Mamaroneck by the 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 General Municipal Law § 10. C. 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. 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. 13 Repurchase agreements. Repurchase agreements are authorized subject to the following restrictions: A. All repurchase agreements must be entered into subject to a Master Repurchase Agreement. B. Trading partners are limited to banks or trust companies authorized to do business in New York State and primary reporting dealers. C. Obligations shall be limited to obligations of the United States of America and obligations guaranteed by agencies of the United States of America. D. No substitution of securities will be allowed. E. The custodian shall be a party other than the trading partner.
PROCUREMENT POLICY WHEREAS, the Board of Trustees adopted a Procurement Policy in January of 1992, which was updated and readopted in 2016, in accordance with Section 103 of the General Municipal Law; and WHEREAS, Section 103 requires that the Procurement Policy be reviewed at least annually; and WHEREAS, the Clerk-Treasurer has provided the current Procurement Policy for our review; NOW, THEREFORE, BE IT RESOLVED, that the following Procurement Policy is hereby adopted by the Board of Trustees for the Village of Mamaroneck: Ayes: Nays: Executive Summary and Report: In formalizing the Village of Mamaroneck’s purchasing policy to be established under the New York State General Municipal Law, the Village Manager has recommended and the Mayor and the Board of Trustees find that certain controls are necessary to ensure the efficient, effective and accountable operation of government from an expenditure standpoint. Competition for purchases and services also drives down expenses for governments, and in turn taxpayers. All departments and employees should continuously make an extra effort to find suppliers and contractors to increase competition and obtain the most competitive price and value. As a municipal entity, the Village of Mamaroneck and its employees should make every effort to ensure that purchases by the Village are accompanied by a tax exempt form, which can decrease the Village expenses on purchases by between 6.75% to 8.25%. The following policy was prepared by the Village Administration by performing an analysis of purchases and expenditures made by the Village on a regular basis. This is the latest revision of the purchasing policy for the Village of Mamaroneck. PROCUREMENT AND PURCHASING POLICY 1. Every purchase to be made must be initially reviewed to determine whether it is a purchase contract or a public works or service contract. Once that determination is made, a good faith effort will be made to determine whether it is known or can reasonably be expected that the total aggregate amount to be spent on the item of supply or service is subject to competitive bidding, taking into account past purchases and the aggregate amount to be spent in a Fiscal Year. 2. The following items are not subject to competitive bidding pursuant to Section 103 of the NY State General Municipal Law: a. purchase contracts under $20,000, or as may be further amended pursuant to GML §103 and b. public works contracts under $35,000, or as may be further amended pursuant to GML §103; c. emergency purchases; d. certain municipal hospital purchases; e. goods purchased from agencies for the blind or severely handicapped; f. goods purchased from correctional institutions; g. purchases under New York State, Westchester County contracts, or contracts from other political subdivisions within the United States if such contract was let in a matter that constituted public bidding and made available for use by other governmental entities h. surplus and second-hand purchases from another governmental entity. i. and professional services contracts. *Note: purchases over $20,000 of used, surplus or second-hand materials and equipment should comply to the maximum extent practicable with the public bidding process. **Note: For purchase contracts of $20,000 or more and public works/service contracts of $35,000 or more, the Village may award such contracts of Best Value pursuant to §61 of the Village Code. ***Note: All vehicle purchases require approval by the Board of Trustees. The decision that a purchase is not subject to competitive bidding will be documented in writing by the individual making the purchase. This documentation may include written quotes from vendors, a memo from the purchaser explaining the decision, a copy of the contract indicating the source which makes the item or service exempt, a memo from the purchaser detailing the circumstances which led to an emergency purchase, or any other written documentation that is appropriate. 3. All goods and services will be secured by use of written requests for proposals, written quotations, or any other method that assures goods will be purchased at the lowest price, except in the following circumstances: a. purchase contracts over $20,000 and public works contracts over $35,000, or as may be further amended by GML §103; b. goods purchased from agencies for the blind or severely handicapped pursuant to Section 175-b of the State Finance Law; c. goods purchased from correctional institutions pursuant to Sec. 186 of the Correction Law; d. purchases under State contracts pursuant to Section 104 of the General Municipal Law; e. purchases under County contracts pursuant to Section 103(3) of the General Municipal Law; f. purchases under contracts from other political subdivisions within the United States pursuant to Section 103(16) of the General Municipal Law. g. or purchases pursuant to Subdivision 8 of this policy. 4. The following method of purchase will be used when required by this policy in order to achieve the highest savings: Note: Total aggregate purchases over the course of a Fiscal Year should be considered when determining whether an item requires written quotes, or is subject to public bid. Estimated Amount of Purchase Contract Method $1,500 - $4,999 At least 2 or written/faxed/e-mail quotes; memo or price quotes to be documented. $5,000 - $19,999 At least 3 written/faxed/e-mailed quotes; memo or price quotes to be documented. $20,000 and above Subject to publicly advertised bid. Must be circulated to at least 3 companies. Contract must be approved by the Mayor and Board of Trustees. Such award(s) shall be made to the lowest responsible bidder or on a Best Value basis pursuant to §61 of the Village Code A purchase order and/or contract must be signed by the Village Manager after Board approval is granted, prior to order being made. Estimated Amount of Public Works/Service Contract Method $1,500 - $4,999 At least 2 written/faxed/e-mail quotes; memo or price to be documented. $5,000 - $34,999 At least 3 written/faxed/e-mailed quotes; memo or price quotes documents. $35,000 and above Subject to publicly advertised Bid. Must be circulated to at least 3 companies. Contract must be approved by the Board of Trustees. Such award(s) shall be made to the lowest responsible bidder or on a Best Value basis pursuant to §61 of the Village Code. A formal contract must be signed by the Village Manager after Board approval is granted. A good faith effort shall be made to obtain the required number of proposals or quotations. If the purchaser is unable to obtain the required number of proposals or quotes, purchaser will document such attempts. In no event shall failure of a vendor to submit a quote be a bar to the procurement. The Village extends a 5% preference on quotes to local business enterprises for supplies, equipment and nonprofessional services from $1,500 to $19,999. A local business is defined as “a business firm with fixed offices or distribution points located within the Village of Mamaroneck boundaries, with a Village of Mamaroneck business street address." Purchases of capital budget items made pursuant to Section 2(a) – 2(g), or any other contract issued by a governmental agency in accordance with state statute, shall not be subject to the quotes or competitive requirements in Section 3 above but shall be subject to the approval requirements of such section. Purchases of operating budget items made through these contracts must be approved by the Village Manager. A Purchase Order shall be required for each purchase in excess of $1,500 or as may be further required by a vendor. For Purchase Orders both Department Head and Village Manager approval are required. 5. Documentation, including but not limited to written quotes and memoranda, is required of each action taken in connection with each procurement. Such documentation shall be kept in accordance with the Village’s records and retention policy. 6. Documentation and an explanation is required whenever a contract is not awarded to other than the lowest response. This documentation could include an explanation of how the award will achieve savings or why the offer was not acceptable. Such determination shall be made by the purchaser and may not be challenged under any circumstances. 7. As provided in New York State Law, in order to comply with terms calling for timely remittances to vendors upon the delivery of materials or supplies or the rendering of services to the Village for the conduct of its affairs, payments for items such as utilities, postage or other items requiring payment, as further identified in NYS Village Law §5-524(6), may be made in advance of a Board of Trustees audit, provided such payments are duly approved by a department head, the Village Manager and the Village Treasurer. Such payments made in advance of a Board of Trustees audit shall be presented to the Board of Trustees for ratification. Each department shall take advantage of discounts where available and process those payments in a timely manner to ensure compliance with vendor terms. 8. Pursuant to General Municipal Law Section 104-b(2)(f), the procurement policy may contain circumstances when, or types of procurements for which, in the sole discretion of the governing body, the solicitation of alternative proposals or quotations will not be in the best interest of the municipality. In the following circumstances it may not be in the best interests of the Village of Mamaroneck to solicit quotations or document the basis for not accepting the lowest bid: a. Professional services or services requiring special or technical skill, training or expertise, such as architects, attorneys, insurance coverages, engineers and other professional consultants. The individual or company must be chosen based on qualifications showing accountability, reliability, responsibility, skill, education and training, judgment, integrity, and moral worth. These qualifications are not necessarily found in the individual or company that offers the lowest price and the nature of these services are such that they do not readily lend themselves to competitive procurement procedures. In circumstances where the cost of professional services is estimated to exceed $10,000 in a fiscal year, a Request for Proposal process may be conducted which will give the Village the flexibility to retain services based on a firm's or individual's expertise, training and experience and not limited solely to costs. In determining whether a service fits into this category the Board of Trustees shall take into consideration the following guidelines: (a) whether the services are subject to State licensing or testing requirements; (b) whether substantial formal education or training is a necessary prerequisite to the performance of the services; and (c) whether the services require a personal relationship between the individual and municipal officials. Professional or technical services shall include but not be limited to the following: services of an attorney; services of a physician; technical services of an engineer engaged to prepare plans, maps and estimates; securing insurance coverage and/or services of an insurance broker; services of a certified public accountant; investment management services; printing services involving extensive writing, editing or art work; management of municipally owned property; and computer software or programming services for customized programs, or services involved in substantial modification and customizing of pre-packaged software. b. Emergency purchases pursuant to Section 103(4) of the General Municipal Law. Due to the nature of this exception, these goods or services must be purchased immediately and a delay in order to seek alternate proposals may threaten the life, health, safety or welfare of the residents. This section does not preclude alternate proposals if time permits. Emergency situation must be documented. c. Purchases of surplus and second-hand goods from any source. If alternate proposals are required, the Village is precluded from purchasing surplus and second-hand goods at auctions or through specific advertised sources where the best prices are usually obtained. It is also difficult to try to compare prices of used goods and a lower price may indicate an older product. d. Individual goods or services under $1,500. The time and documentation required to purchase through this policy may be more costly than the item itself and would therefore not be in the best interests of the taxpayer. In addition, it is not likely that such de minimus contracts would be awarded based on favoritism. However, it is recommended whenever possible that the Village try to obtain three (3) comparison bids/prices, or purchase off of State or County contracts to realize the best price. If the aggregate amount is expected to exceed $20,000 for any one vendor during a fiscal year, an RFP is required unless said purchase is being made in accordance with Sections 3(b) through 3(f) above. 9. Authorized Officials responsible for the use of the Village of Mamaroneck credit card purchases will accept responsibility that purchases are made in accordance with the Village of Mamaroneck Procurement Policy and Procedures. a. The Board of Trustees may authorize the certain officials/employees of the Village of Mamaroneck be issued credit cards, under a Village master credit card account, for purpose of facilitating departmental purchases. These credit cards are administered under the provisions of the Village’s Procurement Policy. No purchases of personal items shall be made on Village credit cards, even if the intent is to reimburse the Village. b. No department shall request a “store” credit card account under the Village of Mamaroneck unless previously authorized by the Village Manager. No additional bank credit lines or accounts will be established without authorization of the Village Manager. c. This section does not pertain to vendor accounts established for the purpose of “buying on account” (a.k.a. A “House” Account”) with an invoice subsequently sent to the Village for payment. These accounts are established on an as needed basis through the Clerk – Treasurer’s office. i. The following officials/employees are authorized to have credit cards under a Village master credit account: AGGREGATE TOTAL $25,000 - Village Manager Robert Yamuder - $5,000 - Assistant Village Manager Daniel J. Sarnoff - $5,000 - Police Chief Christopher Leahy - $5,000 - Village Clerk/Treasurer Agostino A. Fusco -$5,000 - Recreation Superintendent Sandy Korkatzis - $5,000 10. This policy shall go into effect immediately upon adoption by the Board of Trustees and will be reviewed annually.
15. BOARD OF APPEALS (SECTION 342-88 VILLAGE CODE) FIVE YEARS - 5 MEMBERS (BOT appoints Chair) 16. BOARD OF ARCHITECTURAL REVIEW (SECTION 6-4 VILLAGE CODE) 3 YEARS - FIVE MEMBERS (BOT appoints Chair) 17. BOARD OF ETHICS (SECTION 21-7 VILLAGE CODE) 3 YEARS – FIVE MEMBERS (Ethics Board appoints Chair) 18. BOARD OF TRAFFIC COMMISSIONERS (SECTION 72-1 VILLAGE CODE) 3 YEARS – 7 MEMBERS (BOT appoints Chair)
19. BUDGET COMMITTEE (EST. BY RESOLUTION 5/29/90 – (3 YEARS) 7 MEMBERS (Committee appoints Chair) 20. COMMITTEE FOR THE ENVIRONMENT (SECTION 20-2 VILLAGE CODE) 3 YEARS - 11 MEMBERS (BOT appoints Chair) 21. ARTS COUNCIL (SECTION 7-5 VILLAGE CODE) 3 YEARS - 7 MEMBERS (Committee appoints Chair) 22. FLOOD MITIGATION ADVISORY COMMITTEE (ADOPTED BY BOARD OF TRUSTEES 6/26/07, RECONSTITUTED BY BOARD OF TRUSTEES 12/3/08) 7 MEMBERS (BOT appoints Chair)
23. HARBOR AND COASTAL ZONE MANAGEMENT COMMISSION – (SECTION 240-35 VILLAGE CODE) 3 YEAR TERMS – 7 MEMBERS (Commission appoints Chair) 24. PLANNING BOARD (SECTION 58-1 VILLAGE CODE) 5 YEARS - 5 MEMBERS (BOT appoints Members/Chair)
25. RECREATION & PARKS COMMISSION (ESTABLISHED 4-26-76 - RESOLUTION) 3 YEARS - 9 MEMBERS (Commission appoints Chair) 26. TREE COMMITTEE (SECTION 318-2 VILLAGE CODE) 3 YEARS - 5 MEMBERS (BOT appoints Chair) 27. APPOINTMENT TO CABLE TV ADVISORY COMMITTEE (1) – 2 VOM MEMBERS 2 YEAR TERMS 28. APPOINTMENT TO LMC-TV BOARD OF CONTROL 29. APPOINTMENT OF LIAISONS
DISCLOSURE OF INTEREST, IF ANY Section 803. Disclosure of Interest 1. Any municipal officer or employee who has, will have or later acquires an interest in any actual or proposed contract with the municipality of which he is an officer or employee, shall publicly disclose the nature and extent of such interest in writing to the governing body thereof as soon as he has knowledge of such actual or prospective interest. Such written disclosure shall be made part of and set forth in the official record of the proceedings of such body. Once disclosure has been made by an officer or employee with respect to an interest in a contract with a particular person, firm, corporation or association, no further disclosures need be made by such officer or employee with respect to additional contracts with the same party during the remainder of the fiscal year. There was no disclosure of interest by anyone at this time.
32. EXECUTIVE SESSION The Board of Trustees will consider a motion to enter into Executive Session in accordance with NYS OML Section 105(d) in regard to the Jocelyn Donat vs. Village of Mamaroneck, AVC Properties, LLC, Stephen Pshierer and Edward Mancuso litigation. 33. ADJOURNMENT
Dec 04, 2017 Annual Organizational Meeting
3. APPOINTMENT OF DEPUTY MAYOR (MAYORAL APPOINTEE) 4. MAYOR’S APPOINTMENTS TO SEXUAL HARASSMENT COMMITTEE 5. APPOINTMENT OF VILLAGE PROSECUTOR 6. APPOINTMENT OF VILLAGE ATTORNEY 7. APPOINTMENT OF BOND COUNSEL 8. AUTHORIZATION FOR FIDELITY BONDS FOR EMPLOYEES
9. DESIGNATION OF DEPOSITORIES 10. DESIGNATION OF SIGNATORIES 11. DESIGNATION OF OFFICIAL NEWSPAPER 12. DESIGNATION OF MEETING AND WORK SESSION NIGHTS OF BOARD OF TRUSTEES
WRITTEN INVESTMENT POLICY VILLAGE OF MAMARONECK INVESTMENT POLICY 1 Scope. This Investment Policy applies to all moneys and other financial resources available for investment on its own behalf or on behalf of any other entity or individual. 2 Objectives. The primary objectives of the local government's investment activities are, in priority order: A. To conform with all applicable federal, state and other legal requirements. B. To adequately safeguard principal. C. To provide sufficient liquidity to meet all operating requirements. D. To obtain a reasonable rate of return. 3 Delegation of authority. The governing board's responsibility for administration of the investment program is delegated to the Clerk-Treasurer, 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 records incorporating description and amounts of investments, transaction dates and other relevant information and regulate the activities of subordinate employees. 4 Prudence. A. 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 of Mamaroneck to govern effectively. B. 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 of the principal as well as the probable income to be derived. C. All participants involved in the investment process shall refrain from personal business activity that could conflict with proper execution of the investment program, or which could impair their ability to make impartial investment decisions. 5 Diversification. It is the policy of the Village of Mamaroneck to diversify its deposits and investments by financial institution, by investment instrument and by maturity scheduling. 6 Internal controls. A. It is the policy of the Village of Mamaroneck for all moneys collected and deposited by any officer or employee of the government to report those funds to the Clerk-Treasurer within three days of deposit or within the time period specified by law, whichever is shorter. B. The Clerk-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. 7 Designation of depositories. The banks and trust companies authorized for the deposit of moneys up to the maximum amounts are: Depositary Name Maximum Amount Officer JP Morgan Chase Bank $20,000,000 John Gardell Sterling National Bank $5,000,000 Rose Silvestro TD Bank $1,000,000 Caren Roeder 8 Collateralizing of deposits. In accordance with the provisions of General Municipal Law § 10, all deposits of the Village of Mamaroneck, 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: A. By a pledge of eligible securities with an aggregate market value as provided by General Municipal Law § 10, equal to the aggregate amount of deposits from the categories designated in Appendix A to the policy. Editor's Note: Appendix A is on file in the Village offices. B. By an eligible irrevocable letter of credit issued by a qualified bank other than the bank with the deposits in favor of the government for a term not to exceed 90 days with an aggregate value equal to 140% of the aggregate amount of deposits and the agreed-upon interest, if any. 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 requirements. Excluded from eligible securities for collateralization are letters of credit issued by the Federal Home Loan Bank. C. By an eligible surety bond payable to the government for an amount at least equal to 100% of the aggregate amount of deposits and the agreed-upon interest, if any, executed 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 statistical rating organizations. 9 Safekeeping and collateralization. A. Eligible securities used for collateralizing deposits shall be held by the designated depository and/or a third-party bank or trust company subject to security and custodial agreements. B. 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 Mamaroneck or its custodial bank. C. 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 deposits 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. D. Agostino A. Fusco, Clerk-Treasurer, is hereby authorized to execute the Third-Party Custodian Agreement and that he be named as "authorized persons" as the term applies to the Third-Party Custodian Agreement. 10 Permitted investments. A. As authorized by General Municipal Law § 11, the Village of Mamaroneck authorizes the Clerk- 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: (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. (6) Obligations issued pursuant to Local Finance Law § 24.00 or 25.00 (with approval of the State Comptroller) by any municipality, school district or district corporation other than the Village of Mamaroneck. (7) 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. (8) Certificates of participation (COPs) issued pursuant to General Municipal Law §109-b. (9) Obligations of this local government, but only with any moneys in a reserve fund established pursuant to General Municipal Law § 6-c, 6-d, 6-e, 6-g, 6-h, 6-j, 6-k, 6-l, 6-m or 6-n. B. All investment obligations shall be payable or redeemable at the option of the Village of Mamaroneck 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 of Mamaroneck within two years of the date of purchase. 11 Authorized financial Institutions and dealers. The Village of Mamaroneck 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 creditworthy. Banks shall provide their most recent Consolidated Report of Condition (Call Report) at the request of the Village of Mamaroneck. 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 Clerk-Treasurer is responsible for evaluating the financial position and maintaining a listing of proposed depositories, trading partners and custodians. Such listing shall be evaluated at least annually. 12 Purchase of investments. A. The Clerk-Treasurer 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 5G of the General Municipal Law where such program meets all the requirements set forth in the Office of the State Comptroller Opinion No. 88-06, 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. B. 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 obligation 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 Village of Mamaroneck by the 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 General Municipal Law § 10. C. 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. 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. 13 Repurchase agreements. Repurchase agreements are authorized subject to the following restrictions: A. All repurchase agreements must be entered into subject to a Master Repurchase Agreement. B. Trading partners are limited to banks or trust companies authorized to do business in New York State and primary reporting dealers. C. Obligations shall be limited to obligations of the United States of America and obligations guaranteed by agencies of the United States of America. D. No substitution of securities will be allowed. E. The custodian shall be a party other than the trading partner.
PROCUREMENT POLICY WHEREAS, the Board of Trustees adopted a Procurement Policy in January of 1992, which was updated and readopted in 2016, in accordance with Section 103 of the General Municipal Law; and WHEREAS, Section 103 requires that the Procurement Policy be reviewed at least annually; and WHEREAS, the Clerk-Treasurer has provided the current Procurement Policy for our review; NOW, THEREFORE, BE IT RESOLVED, that the following Procurement Policy is hereby adopted by the Board of Trustees for the Village of Mamaroneck: Ayes: Nays: Executive Summary and Report: In formalizing the Village of Mamaroneck’s purchasing policy to be established under the New York State General Municipal Law, the Village Manager has recommended and the Mayor and the Board of Trustees find that certain controls are necessary to ensure the efficient, effective and accountable operation of government from an expenditure standpoint. Competition for purchases and services also drives down expenses for governments, and in turn taxpayers. All departments and employees should continuously make an extra effort to find suppliers and contractors to increase competition and obtain the most competitive price and value. As a municipal entity, the Village of Mamaroneck and its employees should make every effort to ensure that purchases by the Village are accompanied by a tax exempt form, which can decrease the Village expenses on purchases by between 6.75% to 8.25%. The following policy was prepared by the Village Administration by performing an analysis of purchases and expenditures made by the Village on a regular basis. This is the latest revision of the purchasing policy for the Village of Mamaroneck. PROCUREMENT AND PURCHASING POLICY 1. Every purchase to be made must be initially reviewed to determine whether it is a purchase contract or a public works or service contract. Once that determination is made, a good faith effort will be made to determine whether it is known or can reasonably be expected that the total aggregate amount to be spent on the item of supply or service is subject to competitive bidding, taking into account past purchases and the aggregate amount to be spent in a Fiscal Year. 2. The following items are not subject to competitive bidding pursuant to Section 103 of the NY State General Municipal Law: a. purchase contracts under $20,000, or as may be further amended pursuant to GML §103 and b. public works contracts under $35,000, or as may be further amended pursuant to GML §103; c. emergency purchases; d. certain municipal hospital purchases; e. goods purchased from agencies for the blind or severely handicapped; f. goods purchased from correctional institutions; g. purchases under New York State, Westchester County contracts, or contracts from other political subdivisions within the United States if such contract was let in a matter that constituted public bidding and made available for use by other governmental entities h. surplus and second-hand purchases from another governmental entity. i. and professional services contracts. *Note: purchases over $20,000 of used, surplus or second-hand materials and equipment should comply to the maximum extent practicable with the public bidding process. **Note: For purchase contracts of $20,000 or more and public works/service contracts of $35,000 or more, the Village may award such contracts of Best Value pursuant to §61 of the Village Code. ***Note: All vehicle purchases require approval by the Board of Trustees. The decision that a purchase is not subject to competitive bidding will be documented in writing by the individual making the purchase. This documentation may include written quotes from vendors, a memo from the purchaser explaining the decision, a copy of the contract indicating the source which makes the item or service exempt, a memo from the purchaser detailing the circumstances which led to an emergency purchase, or any other written documentation that is appropriate. 3. All goods and services will be secured by use of written requests for proposals, written quotations, or any other method that assures goods will be purchased at the lowest price, except in the following circumstances: a. purchase contracts over $20,000 and public works contracts over $35,000, or as may be further amended by GML §103; b. goods purchased from agencies for the blind or severely handicapped pursuant to Section 175-b of the State Finance Law; c. goods purchased from correctional institutions pursuant to Sec. 186 of the Correction Law; d. purchases under State contracts pursuant to Section 104 of the General Municipal Law; e. purchases under County contracts pursuant to Section 103(3) of the General Municipal Law; f. purchases under contracts from other political subdivisions within the United States pursuant to Section 103(16) of the General Municipal Law. g. or purchases pursuant to Subdivision 8 of this policy. 4. The following method of purchase will be used when required by this policy in order to achieve the highest savings: Note: Total aggregate purchases over the course of a Fiscal Year should be considered when determining whether an item requires written quotes, or is subject to public bid. Estimated Amount of Purchase Contract Method $1,500 - $4,999 At least 2 or written/faxed/e-mail quotes; memo or price quotes to be documented. $5,000 - $19,999 At least 3 written/faxed/e-mailed quotes; memo or price quotes to be documented. $20,000 and above Subject to publicly advertised bid. Must be circulated to at least 3 companies. Contract must be approved by the Mayor and Board of Trustees. Such award(s) shall be made to the lowest responsible bidder or on a Best Value basis pursuant to §61 of the Village Code A purchase order and/or contract must be signed by the Village Manager after Board approval is granted, prior to order being made. Estimated Amount of Public Works/Service Contract Method $1,500 - $4,999 At least 2 written/faxed/e-mail quotes; memo or price to be documented. $5,000 - $34,999 At least 3 written/faxed/e-mailed quotes; memo or price quotes documents. $35,000 and above Subject to publicly advertised Bid. Must be circulated to at least 3 companies. Contract must be approved by the Board of Trustees. Such award(s) shall be made to the lowest responsible bidder or on a Best Value basis pursuant to §61 of the Village Code. A formal contract must be signed by the Village Manager after Board approval is granted. A good faith effort shall be made to obtain the required number of proposals or quotations. If the purchaser is unable to obtain the required number of proposals or quotes, purchaser will document such attempts. In no event shall failure of a vendor to submit a quote be a bar to the procurement. The Village extends a 5% preference on quotes to local business enterprises for supplies, equipment and nonprofessional services from $1,500 to $19,999. A local business is defined as “a business firm with fixed offices or distribution points located within the Village of Mamaroneck boundaries, with a Village of Mamaroneck business street address." Purchases of capital budget items made pursuant to Section 2(a) – 2(g), or any other contract issued by a governmental agency in accordance with state statute, shall not be subject to the quotes or competitive requirements in Section 3 above but shall be subject to the approval requirements of such section. Purchases of operating budget items made through these contracts must be approved by the Village Manager. A Purchase Order shall be required for each purchase in excess of $1,500 or as may be further required by a vendor. For Purchase Orders both Department Head and Village Manager approval are required. 5. Documentation, including but not limited to written quotes and memoranda, is required of each action taken in connection with each procurement. Such documentation shall be kept in accordance with the Village’s records and retention policy. 6. Documentation and an explanation is required whenever a contract is not awarded to other than the lowest response. This documentation could include an explanation of how the award will achieve savings or why the offer was not acceptable. Such determination shall be made by the purchaser and may not be challenged under any circumstances. 7. As provided in New York State Law, in order to comply with terms calling for timely remittances to vendors upon the delivery of materials or supplies or the rendering of services to the Village for the conduct of its affairs, payments for items such as utilities, postage or other items requiring payment, as further identified in NYS Village Law §5-524(6), may be made in advance of a Board of Trustees audit, provided such payments are duly approved by a department head, the Village Manager and the Village Treasurer. Such payments made in advance of a Board of Trustees audit shall be presented to the Board of Trustees for ratification. Each department shall take advantage of discounts where available and process those payments in a timely manner to ensure compliance with vendor terms. 8. Pursuant to General Municipal Law Section 104-b(2)(f), the procurement policy may contain circumstances when, or types of procurements for which, in the sole discretion of the governing body, the solicitation of alternative proposals or quotations will not be in the best interest of the municipality. In the following circumstances it may not be in the best interests of the Village of Mamaroneck to solicit quotations or document the basis for not accepting the lowest bid: a. Professional services or services requiring special or technical skill, training or expertise, such as architects, attorneys, insurance coverages, engineers and other professional consultants. The individual or company must be chosen based on qualifications showing accountability, reliability, responsibility, skill, education and training, judgment, integrity, and moral worth. These qualifications are not necessarily found in the individual or company that offers the lowest price and the nature of these services are such that they do not readily lend themselves to competitive procurement procedures. In circumstances where the cost of professional services is estimated to exceed $10,000 in a fiscal year, a Request for Proposal process may be conducted which will give the Village the flexibility to retain services based on a firm's or individual's expertise, training and experience and not limited solely to costs. In determining whether a service fits into this category the Board of Trustees shall take into consideration the following guidelines: (a) whether the services are subject to State licensing or testing requirements; (b) whether substantial formal education or training is a necessary prerequisite to the performance of the services; and (c) whether the services require a personal relationship between the individual and municipal officials. Professional or technical services shall include but not be limited to the following: services of an attorney; services of a physician; technical services of an engineer engaged to prepare plans, maps and estimates; securing insurance coverage and/or services of an insurance broker; services of a certified public accountant; investment management services; printing services involving extensive writing, editing or art work; management of municipally owned property; and computer software or programming services for customized programs, or services involved in substantial modification and customizing of pre-packaged software. b. Emergency purchases pursuant to Section 103(4) of the General Municipal Law. Due to the nature of this exception, these goods or services must be purchased immediately and a delay in order to seek alternate proposals may threaten the life, health, safety or welfare of the residents. This section does not preclude alternate proposals if time permits. Emergency situation must be documented. c. Purchases of surplus and second-hand goods from any source. If alternate proposals are required, the Village is precluded from purchasing surplus and second-hand goods at auctions or through specific advertised sources where the best prices are usually obtained. It is also difficult to try to compare prices of used goods and a lower price may indicate an older product. d. Individual goods or services under $1,500. The time and documentation required to purchase through this policy may be more costly than the item itself and would therefore not be in the best interests of the taxpayer. In addition, it is not likely that such de minimus contracts would be awarded based on favoritism. However, it is recommended whenever possible that the Village try to obtain three (3) comparison bids/prices, or purchase off of State or County contracts to realize the best price. If the aggregate amount is expected to exceed $20,000 for any one vendor during a fiscal year, an RFP is required unless said purchase is being made in accordance with Sections 3(b) through 3(f) above. 9. Authorized Officials responsible for the use of the Village of Mamaroneck credit card purchases will accept responsibility that purchases are made in accordance with the Village of Mamaroneck Procurement Policy and Procedures. a. The Board of Trustees may authorize the certain officials/employees of the Village of Mamaroneck be issued credit cards, under a Village master credit card account, for purpose of facilitating departmental purchases. These credit cards are administered under the provisions of the Village’s Procurement Policy. No purchases of personal items shall be made on Village credit cards, even if the intent is to reimburse the Village. b. No department shall request a “store” credit card account under the Village of Mamaroneck unless previously authorized by the Village Manager. No additional bank credit lines or accounts will be established without authorization of the Village Manager. c. This section does not pertain to vendor accounts established for the purpose of “buying on account” (a.k.a. A “House” Account”) with an invoice subsequently sent to the Village for payment. These accounts are established on an as needed basis through the Clerk – Treasurer’s office. i. The following officials/employees are authorized to have credit cards under a Village master credit account: AGGREGATE TOTAL $25,000 - Village Manager Robert Yamuder - $5,000 - Assistant Village Manager Daniel J. Sarnoff - $5,000 - Police Chief Christopher Leahy - $5,000 - Village Clerk/Treasurer Agostino A. Fusco -$5,000 - Recreation Superintendent Sandy Korkatzis - $5,000 10. This policy shall go into effect immediately upon adoption by the Board of Trustees and will be reviewed annually.
15. BOARD OF APPEALS (SECTION 342-88 VILLAGE CODE) FIVE YEARS - 5 MEMBERS (BOT appoints Chair) 16. BOARD OF ARCHITECTURAL REVIEW (SECTION 6-4 VILLAGE CODE) 3 YEARS - FIVE MEMBERS (BOT appoints Chair) 17. BOARD OF ETHICS (SECTION 21-7 VILLAGE CODE) 3 YEARS – FIVE MEMBERS (Ethics Board appoints Chair) 18. BOARD OF TRAFFIC COMMISSIONERS (SECTION 72-1 VILLAGE CODE) 3 YEARS – 7 MEMBERS (BOT appoints Chair)
19. BUDGET COMMITTEE (EST. BY RESOLUTION 5/29/90 – (3 YEARS) 7 MEMBERS (Committee appoints Chair) 20. COMMITTEE FOR THE ENVIRONMENT (SECTION 20-2 VILLAGE CODE) 3 YEARS - 11 MEMBERS (BOT appoints Chair) 21. ARTS COUNCIL (SECTION 7-5 VILLAGE CODE) 3 YEARS - 7 MEMBERS (Committee appoints Chair) 22. FLOOD MITIGATION ADVISORY COMMITTEE (ADOPTED BY BOARD OF TRUSTEES 6/26/07, RECONSTITUTED BY BOARD OF TRUSTEES 12/3/08) 7 MEMBERS (BOT appoints Chair)
23. HARBOR AND COASTAL ZONE MANAGEMENT COMMISSION – (SECTION 240-35 VILLAGE CODE) 3 YEAR TERMS – 7 MEMBERS (Commission appoints Chair) 24. PLANNING BOARD (SECTION 58-1 VILLAGE CODE) 5 YEARS - 5 MEMBERS (BOT appoints Members/Chair)
25. RECREATION & PARKS COMMISSION (ESTABLISHED 4-26-76 - RESOLUTION) 3 YEARS - 9 MEMBERS (Commission appoints Chair) 26. TREE COMMITTEE (SECTION 318-2 VILLAGE CODE) 3 YEARS - 5 MEMBERS (BOT appoints Chair) 27. APPOINTMENT TO CABLE TV ADVISORY COMMITTEE (1) – 2 VOM MEMBERS 2 YEAR TERMS 28. APPOINTMENT TO LMC-TV BOARD OF CONTROL 29. APPOINTMENT OF LIAISONS
DISCLOSURE OF INTEREST, IF ANY Section 803. Disclosure of Interest 1. Any municipal officer or employee who has, will have or later acquires an interest in any actual or proposed contract with the municipality of which he is an officer or employee, shall publicly disclose the nature and extent of such interest in writing to the governing body thereof as soon as he has knowledge of such actual or prospective interest. Such written disclosure shall be made part of and set forth in the official record of the proceedings of such body. Once disclosure has been made by an officer or employee with respect to an interest in a contract with a particular person, firm, corporation or association, no further disclosures need be made by such officer or employee with respect to additional contracts with the same party during the remainder of the fiscal year. There was no disclosure of interest by anyone at this time.
32. EXECUTIVE SESSION The Board of Trustees will consider a motion to enter into Executive Session in accordance with NYS OML Section 105(d) in regard to the Jocelyn Donat vs. Village of Mamaroneck, AVC Properties, LLC, Stephen Pshierer and Edward Mancuso litigation. 33. ADJOURNMENT