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It is the policy of the Town of Holland to invest its deposits with the Bank of Holland, including savings, checking accounts and certificates of deposits. The chief fiscal officer shall consider other investments with board approval. VI. INTERNAL CONTROLS It is the policy of the Town of Holland for all moneys collected by any officer or employee of the government to deposit said funds within the time period specified by law. The chief fiscal officer is responsible for establishing and maintaining an internal control structure to provide reasonable 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. VIL DESIGNATION OF DEPOSITARIES The Bank of Holland, chartered by the State of New York, is designated to act as Custodial Bank of the Town of Holland. VIII. COLLATERALIZING OF DEPOSITS In accordance with the provisions of General Municipal Law, §10, all deposits of the Town of Holland, including certificates of deposit in excess of the amount insured under the provisions of the Federal Deposit Insurance Act shall be secured. Certificates of deposit and Time Deposit Accounts shall be fully secured by insurance of the Federal Deposit Insurance Corporation or by obligations of New York State or obligations of the United States or obligations of federal agencies the principal and interest of which are guaranteed by the United States, or obligations of New York State local governments. COllateral shall be delivered to the Town of Holland or a custodial bank with which the town “nas entered into a custodial agreement. The market value of collateral shall at all times equal ot exceed the principal amount of the certificate of deposit or time deposit. IX. SAFEKREPING AND COLLATERALIZATION \ Eligible securities void a collateralizing deposits shall be held by the bank of Holland 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. The custodial agreement shall provide that securities held by the bank for the Town of Holland, will be kept separate and apart from the general assets of the custodial bank and will not, in any circumstances, be commingled with or become part of the backing for any other deposit or other liabilities.