Management responsibility for the city's investment program is hereby delegated to the Chief Administrative Officer and/or Finance Director. They shall have the authority to establish additional specific written procedures for the operation of the investment program which 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 Chief Administrative Officer and/or Finance Director. The Chief Administrative Officer and/or Finance Director 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, employee error, misrepresentation by third parties, unanticipated changes in financial markets, or imprudent actions by officers and employees. The Finance Director shall maintain all records related to the city's investment program.
(Municipal Order 2018-MO-03, passed 11-12-18)