(A) The Chief Administrative Officer of the city shall appoint an Investment Committee of five members, which will include the Chief Financial Officer, the Director of the Department of Finance and Administrative Services, and the city's Treasury Officer. The remaining two members will be appointed from anywhere within City Government. In addition, a City Council staff person as designated by the Director of Council Services, the City Controller, the City Economist, the Budget Officer, and the Investment Officer shall participate in the Investment Committee meetings as non-voting members. Committee members may designate an alternate person to serve in their absence at specified committee meetings, and as such the alternate may vote the member's proxy on any motions requiring committee approval.
(B) The Investment Committee will be responsible for:
(1) Establishing, maintaining and amending general policy and procedures for investing city monies.
(2) Establishing collateral requirements for city deposits.
(3) Establishing specific parameters and/or limitations on particular types of investments.
(4) Ensuring proper internal controls are established and maintained to prohibit unauthorized investment activities.
('74 Code, § 4-5-7) (Ord. 73-1975; Am. Ord. 44-1986; Am. Ord. 7-2001; Am. Ord. 29-2008; Am. Ord. 2015-010; Am. Ord. 2020-001)