(A) Authority to manage the county’s investment program is derived from S.C. Code § 12-45-220. Management responsibility for the investment program is hereby delegated to the county treasurer, who shall establish written procedures for the operation of the investment program consistent with this investment policy. Procedures should include reference to safekeeping, repurchase agreements, wire transfer agreements, collateral/depository agreements and banking service contracts. The procedures shall include explicit delegation of authority to persons responsible for investment transactions. No person may engage in an investment transaction, except as provided under the terms of this policy and the procedures established by the county treasurer.
(B) The county treasurer shall be responsible for all transactions undertaken and shall establish a system of controls to regulate the activities of subordinate officials. In the absence or disability of the county treasurer, the deputy treasurer is authorized to act for the county treasurer in all matters covered by this policy.
(‘77 Code, § 8-87) (Ord. 1592, passed 3-16-92)