A. Investment Decisions: Authority to manage the city's investment program is derived from Utah Code Annotated section 10-6-141, 1953, as amended. The city council and mayor have assigned the responsibility for conducting investment transactions to the city treasurer. The city treasurer is responsible for investment decisions and activities. The city treasurer shall develop and maintain administrative procedures for the operation of the investment program consistent with these policies. In the event of an emergency and the unavailability of the city treasurer, the chief administrative officer or the CAO's designee is authorized to conduct the city's investment transactions. No person may engage in an investment transaction except as provided under the terms of this policy and the general policies and procedures as adopted by the city.
B. Investment Procedures: The city treasurer shall establish written investment policy procedures for the operation of the investment program consistent with this policy. A copy will be on file in the city treasurer's office and will be reviewed and updated regularly. No person may engage in an investment transaction except as provided under the terms of this policy and the procedures established by the city treasurer. (Eff. 4-4-2016)