Management responsibility for the city's investment program is hereby delegated to the Mayor and/or City Administrator. The Mayor and/or City Administrator shall have the authority, subject to the disapproval of the governing body, 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 Mayor and/or City Administrator. The Mayor and/or City Administrator 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 public funds arising from fraud, employee error, misrepresentation by third parties, unanticipated changes in financial markets or imprudent actions by officers and employees. The Mayor and/or City Administrator shall maintain all records related to the city's investment program.
(Municipal Order 94-1, passed 11-17-94)