Management's responsibility for the City of Graymoor-Devondale investment program is the joint responsibility of the designated officials, which shall be the Mayor and the City Treasurer. Both shall share the authority, subject to the approval of the governing body, to establish additional specific written procedures for the operation of the investment program that are consistent with this investment policy. The procedures shall include explicit delegation of authority, if any, to persons responsible for investment transactions. No person may engage in an investment transaction except as provided under the terms of this policy and the procedures established by the designated officials. These designated officials shall be ultimately responsible for all transactions unde1iaken 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 designated officials shall maintain all records related to the entity's investment program.
(Ord. 4, passed 4-20-21)