Morgan County Schools
Bylaws & Policies
 

6144 - INVESTMENTS

The Board of Education authorizes the Treasurer to make investments of available monies from the funds of the County in securities authorized by State law. These shall include:

 A.the Municipal Bond Commission;

 B.guaranteed certificates of deposit issued by an eligible bank;

 C.guaranteed investments such as treasury bills, treasury notes or certificates of deposit issued either by the United States Government or by an eligible banking institution in which Federal and State guarantees are applicable; or

 D.with the State Board of Investments Consolidated Fund.

Interest earned in such investments is to be credited to the fund from which the monies were originally available.

The purpose of the investments is to maximize the returns on the Countyís excess cash balances consistent with safety of those monies and with the desired liquidity of the investments.

When it appears to the County Board that funds on deposit in its demand deposit account exceed the current requirements or demands, and it further be determined by the Treasurer for such County Board that the available interest rate offered by an acceptable depository in such Treasurerís County be less than the interest rate, net of administrative fees referred to in WV Code 12-6-1 et seq., offered through the State Board of Investments, the Treasurer may, with the approval in writing of the County Board make such funds available to the State Board of Investments for investment in accordance with State Code. The Treasurer may enter into an agreement with any State agency from which they receive funds to allow such funds to be transferred to their investment account with the State Board of Investments.

Investments shall be awarded through a competitive bidding procedure. All bidders shall be informed of the successful bid and of the interest rate for the transaction. In determining such investments within banking institutions or depositories within the County, a Board member who has a pecuniary interest in any such institution or depository within the County, shall not participate in the determination of the investment.

WV Code 18-9-6 and WV 18-9-6a