(a) In the event the County Fiscal Officer fails to invest the County inactive, active or interim funds as provided by law or in a manner substantially and materially in compliance with the policies and procedures established by the Investment Advisory Board, then the Board shall provide notice by written documented findings of fact evidencing such failure to the County Treasurer.
(Ord. 82-264. Adopted 6-3-82.)
(b) The Board having submitted its findings to the County Fiscal Officer shall convene not later than one hundred twenty (120) days following such notice. If upon review it is the determination of the Board that the County Fiscal Officer has failed to conform or correct procedures or practices as directed, then the Board shall recommend to the County Executive the designation of an interim investing authority.
(c) The County Executive may upon recommendation of the Investment Advisory Board designate an interim investing authority until otherwise provided by appointment with confirmation of County Council. The interim investing authority, when serving as investing authority, shall have full power to deposit, withdraw, transfer and administer all County inactive, active or interim funds, for investment purposes only. Investment practices shall be conducted as advised by the Investment Advisory Board.
(Ord. 86-688. Adopted 12-18-86.)
(d) The County Fiscal Officer, when not serving as investing authority, shall provide all necessary documents, records and information required by the County Finance Director.
(Ord. 82-264. Adopted 6-3-82.)