(A) The Board of Directors is responsible for approving the Metra investment policies.
(B) The Executive Director is responsible for reviewing and approving the investment practices and strategies of Metra.
(C) The Assistant Treasurer of Metra, who is appointed by the Board of Directors, shall report to the Executive Director. The Assistant Treasurer, who is the [Department Head of Finance and Treasury] Chief Financial Officer (“CFO”), is responsible for developing investment procedures, complying with investment policies and reporting investment activities to the Executive Director.
(1) The [Assistant Treasurer] CFO may designate the [Division Manager, Cash Management] Director, Treasury, who will be responsible for investment decisions and activities under the direction of the [Assistant Treasurer] CFO.
(2) [The Assistant Treasurer shall develop and maintain written administrative procedures for the operation of the investment program, consistent with this policy, subject to the approval of the Executive Director.] The CFO shall be responsible for all transactions and shall establish a system of controls for all authorized subordinates who are directly involved in the assistance of such investment activities.
(Ord. MET 99-24, passed 12-17-1999)