06-20-07 FPAC Minutes - Laserfiche WebLink

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