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06-20-07 FPAC Minutes
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06-20-07 FPAC Minutes
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06-20-07 Minutes
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Minutes
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6/20/2007
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5.0 Delegation of Authority. IllAuthority to manage the City's investment program is derived from this policy. <br /> Management responsibility for the investment program is hereby delegated <br /> to the Finance Director, who shall establish procedures for the operation of <br /> the investment program consistent with this investment policy. Procedures <br /> should include reference to: safekeeping, Public Securities Association <br /> (PSA) repurchase agreements, wire transfer agreements, <br /> collateral/depository agreements and banking service contracts. Such <br /> procedures shall include explicit delegation of authority to persons <br /> responsible for investment transactions. No person may engage in an <br /> investment transaction except as provided under the terms of this policy and <br /> the procedures established by the Finance Director. The City Council shall <br /> appoint an investment committee consisting of the City Manager, Finance <br /> Director and a council member,which shall have the responsibility of ratifying <br /> certain investment transactions and reviewing investment policies and <br /> procedures. The Finance Director shall be authorized to make all <br /> transactions up to $500,000. Transactions greater than $500,000, but not <br /> exceeding $1,000,000 shall have the approval of the City Manager. All <br /> transactions exceeding $1,000,000 shall be ratified by the investment <br /> committee. <br /> 6.0 Ethics and Conflicts of Interest. <br /> Officers and employees involved in the investment process shall refrain from <br /> personal business activity that could conflict with proper execution of the <br /> investment program, or which could impair their ability to make impartial <br /> investment decisions. Employees and investment officials shall disclose to • <br /> the Director of Administrative Services any material financial interests in <br /> financial institutions that conduct business within this jurisdiction, and they <br /> shall further disclose any large personal financial/ investment positions that <br /> could be related to the performance of the City's portfolio. City employees <br /> shall not give priority to their personal investment transactions to those of the <br /> City, particularly with regard to the timing of purchases and sales. <br /> 7.0 Authorized Financial Dealers and Institutions. <br /> The Finance Director will maintain a list of financial institutions authorized by <br /> the City Council to provide investment services. No public deposit shall be <br /> made except in a qualified public depository as established by State laws. <br /> All depositories and broker/dealers who desire to become qualified bidders <br /> for investment transactions will be required to supply the Finance Director <br /> with information that allows the City to determine the economic viability and <br /> qualifications of the institution. <br /> A current audited financial statement is required to be on file for each <br /> depository and broker/dealer with which the City does business. <br /> A Broker Certification Form is required to be on file for each depository and <br /> broker/dealer with which the City does business. • <br /> 3 <br />
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