(A) The City Manager, as Chief Financial Officer, is designated as the Investment Officer of the city and is responsible for investment management decisions and activities. The CFO is also responsible for considering the quality and capability of staff, investment advisors, and consultants involved in investment management and procedures. All participants in the investment process shall seek to act responsibly as custodians of the public trust.
(B) The Investment Officer shall develop and maintain written administrative procedures for the operation of the investment program which are consistent with this investment policy. Procedures will include reference to safekeeping and include wire transfer agreements, banking services contracts, and other investment-related activities.
(C) The Investment Officer shall be responsible for all transactions undertaken and shall establish a system of controls to regulate the activities of subordinate officials and staff. The Investment Officer shall designate the City Secretary as a deputy investment officer. No officer or designee may engage in an investment transaction except as provided under the terms of this policy and the procedures established. The persons authorized to invest for the city are also authorized to approve wire transfers used in the process of investing.
(Ord. 1303, passed 9-21-2006; Ord. 19-1236, passed 11-7-2019)