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The Commissioner of Taxation and Treasury is authorized to pool cash balances from the several different funds of the City for investment purposes unless pooling is prohibited by law, regulation or specific agreement binding on the City. The accounting records of the City shall reflect the proper balances of each fund and the proportion of any pooled investment allocated to that fund.
(Ord. 366-86. Passed 5-20-86; Ord. 178-94. Passed 4-18-94.)
In conjunction with Chapter 192 of the Toledo Municipal Code, the Mayor shall develop a procedures manual and shall implement procedures to carry out the banking and investment policies of the City.
(Ord. 366-86. Passed 5-20-86.)
(a) The City Auditor shall review once during the first six months and once during the last six months of each calendar year the City's investment and banking activities. These regular reviews shall be on an unannounced basis and shall include verification of compliance with the investment policies established in Chapter 192, as well as confirmation and substantiation of recorded balances of authorized investments, non-interest-bearing demand deposits and eligible collateral.
(b) The City Auditor shall have access to all investment records and banking correspondence in order to be familiar with current activities and to facilitate the audit function.
(c) The Director of Finance shall promptly furnish copies of the reports of the City Auditor and of any independent public accountants which report on investment policies, procedures or activities to the Investment Advisory Committee.
(d) Any officer of the City proposing to enter into an agreement with another entity pursuant to the provisions of Chapter 192 shall deliver a copy of such agreement to the Director of Law prior to its execution on behalf of the City. The Director of Law shall review such agreement and return it either endorsing thereon his approval as to legal form and content or identifying the legal deficiencies in the agreement.
(Ord. 164-89. Passed 2-28-89.)
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