Management's responsibility for the City of Middletown investment program is the joint responsibility of the Designated Officials which shall be the City Treasurer, Mayor and/or his or her designees. The Designated Officials shall share the authority, subject to the final approval of the governing body, to recommend additional specific written procedures for the operation of the investment program that are consistent with this investment policy. No person may engage in an investment transaction except as provided under the terms of this policy and the procedures recommended by the Designated Officials, which procedures have been approved by the City Commission. These Designated Officials, along with the City Commission, 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 Designated Officials shall maintain all records related to the entity's investment program.
(Ord. 08-08-19-B, passed 9-12-2019)