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179.02 INVESTING AUTHORITY.
   (a)   The investing authority shall be the County Fiscal Officer unless otherwise designated as provided in Section 179.03(c). The investing authority shall conduct investment practices and procedures as advised by the Investment Advisory Board.
   (b)   The County Fiscal Officer shall provide quarterly to the Board a complete report of all County funds invested, the nature of such investments and all cash reserves held for the transaction of business, projections or forecasts and a tentative plan for the next quarter. Such report shall be presented to the Investment Advisory Board and filed as a public record in the office of the County Executive.
(Ord. 82-264. Adopted 6-3-82.)
179.03 REMOVAL OF INVESTING AUTHORITY.
   (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.)
179.04 IMMUNITY FROM LIABILITY.
   The County Executive, County Fiscal Officer, Deputy Fiscal Officer, Finance Director and President of Council when acting as investing advisory and authorities, together with their bondsmen and sureties, shall be relieved of any liability for the loss of any public moneys deposited or invested by them when they have acted pursuant to law or the ordinances and resolutions of the County. However, in no event shall there be any liability where the proximate cause of the loss is due to a risk arising from an investment reasonably made within their authority.
(Ord. 82-264. Adopted 6-3-82.)
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