The authority to manage the city’s investment program is derived from the City Charter, and the City’s Codified Ordinances. Management responsibility for the investment program is hereby delegated to the city’s Investment Committee, which shall establish written procedures for the operation of the investment program consistent with this investment policy. Procedures should include reference to: safekeeping, PSA repurchase agreements, wire transfer agreements, banking service contracts, and collateral/depository agreements. Such procedures shall include explicit delegation of authority 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 city’s Investment Committee. The City Auditor shall be responsible for all transactions undertaken and shall establish a system of controls to regulate the activities of subordinate officials.
(Ord. 7346, passed 2-11-97)