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GUIDELINE 7. This policy shall be reviewed annually by the Town Board at its Organizational Meeting or as soon thereafter as is reasonably practicable. INVESTMENT POLICY TOWN OF HOLLAND I. 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. II. OBJECTIVES The objectives of the Investment Policy of the Town of Holland are to minimize risk; to insure that investments mature when the cash is required to finance operations; and to insure a competitive rate of return. In accordance with this policy, the chief fiscal officer is hereby authorized to invest all funds including proceeds of obligations and reserve funds in: Certificates of Deposit issued by a bank or trust company authorized to do business in NYS. Time Deposit Accounts in a bank or trust company authorized to do business in NYS. All other local government officials receiving money in their official capacity must deposit such funds in a timely fashion to their respective accounts. III. DELEGATION OF AUTHORITY The governing board's responsibility for administration of the investment program is delegated to the 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 data base or records incorporating description and amounts of investments, transaction dates, and other relevant information and regulate the activities of subordinate employees. IV. 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 Town of Holland 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 of the principal as well as the probable income to be derived. 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. V. DIVERSIFICATION