The City Treasurer shall establish a system of controls, subject to the approval of the City Commission, to regulate the investment activities of any subordinate officials and employees. The system 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 or employees. To this extent, no one person acting alone shall have the power, opportunity, or ability to disburse any city funds for investment purposes without the prior written authorization of the City Treasurer.
(Ord. 1B-1994, passed 12-13-1994)