CODE: 3290.1
SECTION: BUSINESS AND NON-INSTRUCTIONAL OPERATIONS
INVESTING
The West Milford Board of Education shall authorize the fiscal officer to invest such portion of general fund monies as the fiscal officer may determine in special time deposits, certificates of deposits issued by a bank or trust company located and authorized to do business in this state and repurchase agreements of the First National State Bank provided further that such time deposit or repurchase agreement account or certificate of deposit is secured by a pledge of obligations of the United States of America or obligations of the State of New Jersey as evidenced by a current Notice of Eligibility to act as a depository of public funds.
The fiscal officer may invest in obligations of Treasury of the United States and in the State of New Jersey Cash Management Fund created by Section I of P.L. 1977 C281 and by specific Board reorganization resolutions.
First Reading: December 12, 2000
Adopted: December 19, 2000