Authority to manage the city’s investment program is derived from state law. Management responsibility for the investment program is delegated to the Treasurer, who may establish written procedures for the operation of the investment program consistent with this subchapter. Procedures should include reference to safekeeping, repurchase agreements, wire transfer agreements, collateral/depositor agreements and banking service agreements. The procedures shall include explicit deletion of authority to persons responsible for investment transactions. No person may engage in an investment except as provided under the terms of this policy and the procedures established by the Treasurer. The Treasurer shall be responsible for all transactions undertaken and shall establish a system of controls to regulate the activities of subordinate officials.
(Ord. 521, passed 6-13-2006)