ll borrowings shall be affected in the name of the Council, after obtaining any necessary borrowing approval. Any application for borrowing approval shall be approved by Council as to terms and purpose. The application for borrowing approval, and subsequent arrangements for the loan shall only be approved by full Council.
Any financial arrangement which does not require formal borrowing approval from the Secretary of State (such as Hire Purchase or Leasing of tangible assets) shall be subject to approval by the full Council. In each case a report in writing shall be provided to Council in respect of value for money for the proposed transaction.
The Council will arrange with the Council's banks and investment providers for the sending of a copy of each statement of account to the Chair of the Council at the same time as one is issued to the RFO.
All loans and investments shall be negotiated in the name of the Council and shall be for a set period in accordance with Council policy.
The Council shall consider the need for an Investment Strategy and Policy which, if drawn up, shall be in accordance with relevant regulations, proper practices and guidance. Any Strategy and Policy shall be reviewed by the Council at least annually.
All investments of money under the control of the Council shall be in the name of the Council.
All investment certificates and other documents relating thereto shall be retained in the custody of the RFO.
Payments in respect of short term or long-term investments, including transfers between bank accounts held in the same bank, or branch, shall be made in accordance with Regulation 5 (Authorisation of payments) and Regulation 6 (Instructions for payments).
