Management responsibility for the City’s investment program is hereby delegated to the Mayor. No person may engage in an investment transaction except as provided under the terms of this policy and the procedures established by the Mayor. The Mayor shall be ultimately responsible for all transactions undertaken and shall establish a system of controls to regulate the activities of subordinate officials and employees. The controls shall be designed to prevent and control losses of public funds arising from fraud, employee error, misrepresentation by third parties, unanticipated changes in financial markets or imprudent actions by officers and employees. The Mayor shall maintain all records related to the City’s investment program.
(Ord. 94-12-2, passed 12-28-94)