 MODEL FINANCIAL REGULAT IONS Page  13   of 20 1. LOANS AND INVESTMENTS 1.1. All borrowings shall be effected in the name of the  c ouncil, after obtaining any  necessary borrowing approval. Any applicatio n for borrowing approval shall be  approved by Council as to terms and purpose. The application for borrowing  a pproval, and subsequent arrangements f or the l oan shall only be approved by full  council. 1.2. A ny financial arrangement which does not require formal  borrowing a pproval from  the Secretary of State /Welsh Assembly Government (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 val ue for money for  the proposed transaction. 1.3. The  c ouncil will arrange with the  c ouncil’s b ank s and i nvestment providers for the  sending of a copy of each statement of account to the Chairman of the  c ouncil at the  same time as one is issued to the Clerk or RF O. 1.4. All loans and investments shall be negotiated in the name of the c ouncil and shall be  for a set period in accordance with  c ouncil policy.  1.5. The council shall consider the need for an Investment  Strategy  and  Policy which, if  drawn up, shall be in accordan ce with relevant regulations, proper practices and  guidance. Any  Strategy and  Policy shall be reviewed  by t h e  c ouncil  at least annually.  1.6. All investments of money under the control of the  c ouncil shall be in the name of the  c ouncil. 1.7. All investment certific ates and other documents relating thereto shall be retained in  the custody of the RFO. 1.8. 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 payment s ) and Regulation 6  ( Instructions for payment s ). 2. INCOME 2.1. The collection of all sums due to the  c ouncil shall be the responsibility of and under  the supervision of the RFO. 2.2. Particulars of all charges to be made for wor k done, services rendered or goods  supplied shall be agreed annually by the  c ouncil, notified to the RFO and the RFO  shall be responsible for the collection of all accounts due to the  c ouncil.
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