An Investment Advisory Committee is hereby established. The purpose of this Committee is to review and make recommendations regarding the investment activities of the City, as well as to respond to requests for investment counsel from the Department of Finance.
(a) The members of this Committee shall consist of the following principal City officials or their designated alternates, who shall serve in the absence of the City official, and members of the community. The Mayor or another person of his designation shall serve as the Chairman.
(1) Mayor
(2) City Director of Law
(3) City Director of Finance
(4) Commissioner of Taxation and Treasury
(5) Chairman of the Finance Committee of City Council
(6) Four executives appointed by the Mayor who have financial experience in businesses or financial institutions which are located in the City. They shall be appointed for terms of three years each. In their initial term of office under this chapter, one member shall serve until and through December 31, 1987, one member until and through December 31, 1988 and two members until and through December 31, 1989. The designation of members for the initial terms shall be by lot. Thereafter, the term for each member shall be three years so that no more than two members' terms shall expire at any one time. Except for the initial term, which shall commence on appointment, the term of each member appointed pursuant to this paragraph shall commence on the first of January. Vacancies created by death, resignation or nonattendance at four consecutive meetings shall be filled for the unexpired term in the same manner as for original appointments.
(b) Quorum
In order to constitute a quorum, there must be six members of the Committee present, at least three of whom must be City officials. A majority of the quorum is required in order to act.
(c) The Committee will meet at least once in each calendar quarter at the call of the chairman.
(d) The Committee will adopt at its first meeting in each year, rules and procedures which it intends to follow.
(e) The purposes of this Committee shall be to:
(1) Review and recommend investment policies and procedures to City Council.
(2) Review the lists of City officers and employees who are authorized to make and approve deposits and investments for the City, and to wire transfer funds of the City.
(3) Review the list of Depositories, Custodians and Securities Dealers.
(4) Review investment reports generated by the Commissioner of Taxation and Treasury.
(5) Review audits performed by the City, State and independent auditors pertaining to City investments.
(6) Recommend remedial action to the Mayor if such reports and/or audits are inaccurate, incomplete or are not timely filed.
(f) The Committee shall review compliance with the investment policies established herein on a quarterly basis and shall report to City Council in each calendar quarter as to the performance of the City's Investment Portfolio during the immediately preceding calendar quarter.
(g) The Committee is not a board or commission of the City and its members, by reason of membership on the Committee, shall not hold any of the sovereign powers of the City nor shall they be considered officers of the City.
(Ord. 403-92. Passed 5-19-92; Ord. 178-94. Passed 4-18-94.)