(A) State delegation. The authority to manage the city's investment program is derived from S.C. Code § 6-5-10 Investment of Funds by Political Subdivisions.
(B) Investment approval. Investment of city funds requires an approved City Council Resolution outlining the amount, type/description of investment, term, and funding source.
(C) Management responsibility. Management of the city's investment programs is delegated to the Finance Director. As administrator of the city's financial program, the Finance Director is assigned full discretionary management of the city's investments and shall report all transactions directly to the City Administrator and Mayor in a timely manner. The Finance Director shall maintain all written agreements, wire transfer agreements, banking service contracts, and collateral/depository agreements. The procedures shall further include explicit delegation of authority to appointed persons responsible for investment transactions as authorized by the Finance Director.
(D) Authorization. No person may engage in an investment transaction of city funds except as provided under the terms of this policy.
(Ord. 16-21, passed 6-8-21)