To protect against potential fraud and embezzlement, investment assets shall be secured through third-party custody and safekeeping procedures. Bearer paper shall be held only through third-party institutions. The City Treasurer and any other officers or employees of the city authorized to engage in investment transactions shall be bonded in an amount established by the City Commission. Collateralized securities, such as repurchase agreements, shall be purchased using the delivery versus payment procedure. Money market mutual funds used for investments must provide for independent custodians of their portfolios end delivery versus payment procedures on their portfolio securities.
(Ord. 1B-1994, passed 12-13-1994)