City Council:
AN ORDINANCE AUTHORIZING THE CITY OF
MOUNT VERNON TO PARTICIPATE IN THE NEW
YORK COOPERATIVE LIQUID ASSETS SECURITIES
SYSTEM (NYCLASS) AND AUTHORIZING THE
COMPTROLLER TO ESTABLISH AND ADMINISTER
A MUNICIPAL INVESTMENT ACCOUNT
Whereas, in correspondence dated September 8, 2026, the Comptroller formally requested authorization for the City of Mount Vernon to participate in the New York Cooperative Liquid Assets Securities System (NYCLASS) as an eligible governmental participant, pursuant to Article 5-G of the New York General Municipal Law, applicable provisions of New York State law, the City's adopted Investment Policy, and the applicable NYCLASS Municipal Cooperation Agreement and governing documents; and
Whereas, the City of Mount Vernon (the “City”) is responsible for the prudent management, investment, and safeguarding of public funds in accordance with applicable Federal and New York State law and the City's adopted Investment Policy; and
Whereas, the City's Investment Policy establishes a framework for the prudent management and investment of City funds and authorizes the Comptroller to invest monies that are not required for immediate expenditure, subject to applicable law, the City's projected cash-flow requirements, and the priorities established by the Investment Policy; and
Whereas, the City's Investment Policy establishes the following priorities for the investment of public funds: compliance with applicable legal requirements; safeguarding of principal; maintaining sufficient liquidity to meet operating requirements; analyzing and projecting anticipated liabilities; and obtaining the best available rate of return consistent with the City's operating and liability requirements; and
Whereas, the City's Investment Policy further requires that investments be made with prudence and discretion and not for speculation, with consideration given first to safety of principal, second to liquidity, and lastly to yield; and
Whereas, the City's Invest...
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