06-20-07 FPAC Minutes - Laserfiche WebLink

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• Investments shall be made with judgment and care under the circumstances then prevailing,which persons of prudence, discretion and intelligence exercise in the management of their own affairs,not for speculation,but for investment, considering the probable safety of their capital as well as the probable income. B. Ethics and Conflicts of Interest Officers and employees involved in the investment process shall refrain from personal business activity that could conflict with the proper execution and management of the investment program, or that could impair their ability to make impartial decisions. All investment officials shall disclose any material interests in financial institutions with which they conduct business. Employees and officers shall refrain from undertaking personal investment transactions with the same individual with whom business is conducted on behalf of the City. IV. AUTHORITY AND RESPONSIBILITIES • The City of Saint Paul's Administrative Code, Chapter 2,Article 1, Section 2.02, as amended, empowers the Director of the Office of Financial Services,which includes a Treasury Section,with the investment responsibility for the City. Responsibility for the operation of the investment program is delegated to the Treasury Manager,who shall act in accordance with written procedures and internal controls for the operation of the investment program consistent with the IPS. The Treasury Manager is assisted by the Cash Manager. No person may engage in an investment transaction,except as provided under the terms of this policy. A. Director of the Office of Financial Services The duties and responsibilities of the Director of the Office of Financial Services under this IPS are to: I. Recommend to the City Council adoption and amendment of the IPS. 2. On a quarterly basis, review and approve the recommendations of the Treasury Manager regarding: • 4