(A) Responsibility. The Clerk-Treasurer shall be responsible for the management of the investment program and shall be responsible for all transactions undertaken and shall establish a system of controls to regulate the activities of subordinate officials.
(B) Investment procedures. The Clerk-Treasurer shall establish written investment policy procedures for the operation of the investment program consistent with this policy subject to the approval of the Village Council. The procedures should include reference to: safekeeping, PSA repurchase agreements, wire transfer agreements, banking service contracts, and collateral/depository agreements. The procedures shall also provide for investments in “SWEEP” accounts with the village's depository banks. No person may engage in an investment transaction except as provided under the terms of this policy and the procedures established by the Clerk-Treasurer and approved by the Village Council.
(Ord. 48, passed 8-16-00)