The Treasury Investment Board shall consist of 5 members: the Finance Director, City Manager, one member of Council, and two qualified electors of the City, who do not hold any other City office or appointment. Starting in 2024, one of the qualified electors shall be appointed to a 3 year term ending on December 31, 2026, and the other qualified elector shall be appointed to a 2 year term ending on December 31, 2025. As of the expiration of each of those terms and each succeeding term thereafter, the qualified electors shall be appointed to 3 year terms. Appointments to the qualified elector positions shall be made by a majority vote of Council. Council’s representatives to the Treasury Investment Board shall be the Chairman of the Finance Committee.
The Treasury Investment Board shall supervise and control the direction of the investments of any surplus, reserve, or inactive funds of the City and shall direct the investments as are permitted to fiduciaries by general law.
The Treasury Investment Board shall hold a quarterly meeting and submit a written report to City Council following each meeting of the Board.
(Amended May 8, 2001; November 7, 2023)