§ 36.13 INTERNAL CONTROL.

   (A)   The Treasurer is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the village are protected from loss, theft or misuse. The internal control structure shall be designed to provide reasonable assurance that these objectives are met.

   (B)   The internal controls shall address the following points:

      (1)   Control of collusion;

      (2)   Separation of transaction authority from accounting;

      (3)   Custodial safekeeping; and

      (4)   Written confirmation of telephone transactions for investments and wire transfers.

(2007 Code, § 1-6-13)

§ 36.14 PERFORMANCE STANDARDS.

   The investment portfolio will be managed in accordance with the parameters specified within this subchapter. The portfolio should obtain a comparable rate of return during a market/economic environment of stable interest rates. Portfolio performance should be compared to benchmarks with similar maturity, liquidity and credit quality as the portfolio.

(2007 Code, § 1-6-14)

§ 36.15 REPORTING.

   The Treasurer shall prepare an investment report at least monthly. The report should be provided to the Board of Trustees and available to the general public on request. The report should be in a format suitable for review by the general public. An annual report should also be provided to the Board.

(2007 Code, § 1-6-15)

§ 36.16 MARKING TO MARKET.

   A statement of the market value of the portfolio shall be issued to the Board of Trustees quarterly.

(2007 Code, § 1-6-16)

BIDDING AND CONTRACTING

§ 36.30 COMPETITIVE BIDDING REQUIRED.

   Any work or other public improvement which is not to be paid for in whole or in part by special assessment or special taxation, and all purchases of and contracts for supplies, materials and services shall, except as specifically provided herein, be based whenever possible on competitive bids.

(2007 Code, § 1-2-26)

§ 36.31 FORMAL CONTRACT PROCEDURE.

   All work or other public improvement which is not to be paid for in whole or in part by special assessment or special taxation, and all purchases, orders or contracts for supplies, materials, equipment or contractual services, except as otherwise provided herein, when the estimated cost thereof shall exceed $10,000, shall be purchased from the lowest responsible bidder, after due notice inviting bids, unless competitive bidding is waived by a vote of two-thirds of the Trustees then holding office.

(2007 Code, § 1-2-26)