(A) Selection criteria for investment managers. All investment managers, investment advisors and institutions in which public funds are invested shall be selected on the basis of the results of proposals submitted to the Board based on such criteria as are selected by the Board of Trustees. The criteria used may include, but not be limited to, fee structure, performance measures, security procedures, convenience of accessing funds, services included in fees, and community investment record.
(B) Custody of assets. Third party safekeeping is required for all securities owned. Custody arrangements shall be documented by an approved written agreement. The agreement may be in the form of a safekeeping agreement, trust agreement, escrow agreement or custody agreement.
(C) Internal controls. The Treasurer of the Board shall be the chief investment officer and shall establish a system of internal controls, which shall be documents in writing. The internal controls shall be reviewed by and with an independent auditor. The controls shall be designed to prevent losses of public funds arising from fraud, employee error, and misrepresentation by third parties, unanticipated changes in financial markets or imprudent actions by employees and officers of the Village of Romeoville.
(Ord. 2710-99, passed 10-20-99; Am. Ord. 21-1696, passed 4-7-21)