Management responsibility for the investment policy is delegated by the Hurstbourne City Commissioners to the Finance Committee.
(A) The Finance Committee shall consist of:
(1) The Commissioner assigned to the General Government Department who shall be its Chair;
(2) The City Administrative Officer;
(3) The City Treasurer; and
(4) One additional Commissioner to be appointed by the Commission at its first meeting in January.
(B) The Finance Committee shall be a standing Committee of the City of Hurstbourne. The Finance Committee shall have the authority to uphold and establish additional specific written procedures for the operation of the investment program, which are consistent with this investment policy and subject to the approval or disapproval of the City Commission. 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. The Finance Committee shall be ultimately responsible for all transactions undertaken 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 funds arising from fraud; employees’ error; misrepresentation by third parties; or imprudent actions by officers and employees. The Finance Committee shall maintain all records related to the entity’s investment program, and furnish a monthly investment report to the Commission.
(Ord. 12-06, passed 9-25-12)