Authority to manage the city’s investment program is derived from the following.
(A) The establishment of investment policies is the responsibility of the City Council.
(B) Management and administrative responsibility for the investment program is delegated to the Commissioner of Accounts and Finances (“Finance Commissioner”), or his or her investment designee, who shall establish written procedures for the operation of the investment program consistent with this investment policy.
(1) Procedures should include references to: safekeeping, delivery vs. payment, investment accounting, repurchase agreements, wire transfer agreements, collateral/depository agreements and banking service contracts.
(2) Such procedures shall include explicit delegation of authority to persons responsible for investment transactions. No person may engage in an investment transaction except as provided under the terms of this policy and the procedures established by the Finance Commissioner.
(3) The Finance Commissioner shall be responsible for all transactions undertaken and shall establish a system of controls to regulate the activities of subordinate officials.
(4) The Finance Commissioner may amend the written procedures in a manner not inconsistent with this policy or with state statutes.
(1994 Code, § 40.06) (Ord. 99-03, passed 3-22-1999; Ord. 2017-07, passed 12-26-2017)