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At the time New York State auditors conduct the annual audit of the accounts and financial affairs of the Village of Gowanda, the.New York State auditors shall audit the investments of the Village of Gowanda for compliance with the provisions of these Investment Guidelines. With sixty (60) days of the end of the first three quarters of the fiscal year, the Chief Fiscal Officer shall prepare and submit to the Board of Trustees of the Village of Gowanda a quarterly investment report which indicates new investments, the inventory of existing, and such other matters as the Chief Fiscal Officer deems appropriate. The Board of Trustee of the Village of Gowanda shall review and approve the annual investment report, if practicable, at the.second meeting in September of éach year. At least annually, and if practicable, the Annual Organizational meeting of the Board of Trustees of the Village of Gowanda, the Board of Trustees shall review and amend, if necessary, these Investments Guidelines. The provisions of these Investment Guidelines and any amendme3nts hereto shall take effect prospectively, and shall not invalidate the prior selection of any Custodial Bank or prior investment. Adopted on April 5, 1999 by unanimous vote of the Board of Trustees of the Village of Gowanda.