To protect against potential fraud and embezzlement, investment assets shall be secured through third-party custody and safekeeping procedures. Bearer instruments shall be held only through third-party institutions. The City Manager or designee and any other officers or employees of the city authorized to engage in investment transactions shall be bonded in an amount established by the governing body. Collateralized securities, such a repurchase agreements shall be purchased using the delivery vs. payment procedure.
(Ord. 169-1994, passed 12-15-94)