Management responsibility for the investment policy is the joint responsibility of the St. Regis Park Mayor, City Clerk/Treasurer and City Council. No person may engage in an investment transaction except as provided under the terms of this policy and in accordance with the procedures established. The Mayor, hereinafter "designated official", (with the assistance of the City Council) shall be ultimately responsible for all investment transactions undertaken on behalf of the city including, without limitation, the purchase or redemption of city investments and for establishing a system of controls to regulate the activities of subordinate city officials and employees. The controls shall be designed to prevent and control losses of city funds in connection with fraud; employees’ error; misrepresentation by third parties; or imprudent actions by city officers and employees. The Mayor may, from time to time, execute and deliver to any financial institution transacting business with the city an incumbency and fund disbursement instruction certificate in the form attached to Ord. 3, Series 2021-2022 as Exhibit A, certifying: (i) the then current incumbency and signature of the Mayor, Treasurer and City Clerk; (ii) each of their authority to conduct investment and banking transactions on behalf of the city in accordance with the terms of this subchapter; and (iii) the then current ACH or wire transfer instructions or the city's general operating bank account.
(Ord. 8, Series 2013-2014, passed 6-3-2014; Ord. 3, Series 2021-2022, passed 8-3-2021)