Management responsibility for the investment program is borne by the Board of Trustees of the Village of Romeoville. The Board may delegate authority to other person's the responsibility for investment transactions and investment records. No person may engage in an investment transaction except as provided under the terms of this policy. The Board shall be advised of and have oversight over all appointees, and shall establish a system for internal controls to regulate the activities of the investment manager(s). Parties which may be associated:
(A) Board of Trustees for the Village of Romeoville.
(1) Holds ultimate responsibility for the investment of funds and the appropriateness of its investment policy and its execution.
(2) Retains consultants, money managers, and other advisors to implement and execute investment policy as it relates to the investment of funds.
(3) Reviews adequacy or need for change of this statement.
(4) Meets regularly and reviews reports concerning asset management of the investments.
(5) Engages a custodian(s).
(6) Defines investment policy, objectives, and guidelines for the investment of funds, including risk tolerance.
(7) Administers the investments in accordance with the Public Funds Investment Act, ILCS Ch. 30, Act 235 et seq.
(B) Custodian.
(1) Accepts possession of securities for safe keeping; collects and disburses income; collects principal of sold, matured, or called items; and provides accurate, timely market value pricing, including accrued interest, for all securities under their case.
(2) Provides timely monthly statements which accurately detail all transactions in the accounts, as well as accurately describe all of the securities owned.
(3) Effects receipt and delivery following purchases and sales of securities on a timely and accurate basis.
(4) Ensures that all cash is productively employed at all times.
(C) Investment Managers.
(1) Subject to overall investment guidelines established by the Board, has full discretion over the management of the allocated assets.
(2) Serves as fiduciary; responsible for specific securities decisions.
(3) Will abide by the Public Funds Investment Act, ILCS Ch. 30, Act 235, et seq., and shall abide by the duties, responsibilities and guidelines detailed in any specific investment manager agreement entered into by the manager and Board.
(4) Shall prepare periodic reports detailing individually all investments, by class and type, the book value, the income earned and the market value and all account transactions since the last report.
(5) Shall communicate to the Board any major changes in economic outlook, investment strategy, or any other factors that affect implementation of their investment process, or the investment objectives.
(6) Shall communicate to the Board any qualitative change in the investment management organization. Examples include, but are not limited to; changes in portfolio management personnel, ownership structure, or investment philosophy.
(Ord. 21-1696, passed 4-7-21)