Ordinance 2513-01 - Laserfiche WebLink

(PSA) repurchase agreements, wire transfer agreements, collateral/depository agreements, and banking service contracts. 5.6 The Finance Director-Treasurer and Investment Officer shall have authority to initiate investment transactions based on the recommendations of the City Investment Committee. The Finance Director-Treasurer may delegate authority to initiate investment transactions to one other City Finance Department employee as needed. 6.0 Ethics and Conflicts of Interest. City Investment Committee members shall refrain from personal business activity that could conflict with the proper execution of the investment program, or that could impair their ability to make impartial investment decisions. City Investment Committee members shall disclose to the Mayor and the Council any material financial interests in financial institutions that conduct business with the City, and they shall further disclose any large personal financial/investment positions that could be related to the performance of the City's portfolio. City Investment Committee members shall subordinate 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 Investment Officer shall maintain a list of financial institutions authorized to provide investment services to the City of Everett. In addition, a list will also be maintained of approved security broker/dealers who maintain an office in the State of Washington. These may include primary dealers or regional dealers that qualify under U.S. Securities and Exchange Commission Rule 15C3-1 (uniform net capital rule). No public deposit shall be made except in a qualified public depository as established by state laws. 7.1 All financial institutions and broker/dealers who desire to become qualified bidders for investment transactions must supply the Investment Officer with their most recent audited financial statements. 7.2 The Investment Officer will conduct a review of approved broker/dealers as needed. This review will include an examination of the most current audited financial statement and registrations of such institutions and broker/dealers. The Investment Officer will report the result of the review to the Finance Director-Treasurer and Investment Committee as needed. 8.0 Authorized & Suitable Investments. The City shall limit its investments to those allowed by Revised Code of Washington (R.C.W.) 35.39.030, which states: 03/20/01 9:07 AM 3