Ordinance 2164-96 - Laserfiche WebLink

Police Pension Investment Policy potential losses on individual securities do not exceed the income generated from the remainder of the portfolio. 4.3 Liquidity. The Fund's investment portfolio will remain sufficiently liquid to enable the Fund to meet all operating requirements which might be reasonably anticipated and/or projected by the actuarial study performed on the Fund. 4.4 Return on investment. The City's investment portfolio shall be designed with the objective of attaining a market rate of return throughout budgetary and economic cycles, taking into account the City's investment risk constraints and the cash flow characteristics of the portfolio. 4.5 Social Policy. Investment decisions shall further the City's social policies established by ordinances or City Council resolutions. 4.6 Local Institutions. Local institutions shall be given preference when they are, in the judgment of the Treasurer, to be competitive with other institutions. 5.0 Delegation of Authority. Ordinance No. 2164-96 delegates investment authority for the Police Pension Fund to the City Investment Committee. The City Investment Committee's investment actions shall be governed by this policy. As provided for in the City's general investment policy, the City Investment Committee consists of the City Treasurer, the Finance Director and a third person to be appointed by the Mayor. The City Investment Committee's procedures shall be provided for in the City General Investment Policy. The Treasurer shall establish and maintain detailed written 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. The Treasurer alone shall have authority to conduct or delegate as provided for in Section 1, investment transactions based on the recommendations of the City Investment Committee, provided that the Treasurer may delegate authority to a single other City employee for a specific period of time through a written memorandum and only with the written consent of the Finance Director in each such case. The City Investment Committee shall be responsible for all transactions undertaken and shall establish a system of controls to regulate all investment activities. 6.0 Ethics and Conflicts of Interest. The City Investment Committee shall refrain from personal business activity that could conflict with the proper execution of the investment program, or which could impair their ability to make impartial investment decisions. The City Investment Committee 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. The City Investment Committee shall subordinate their personal investment transactions to those of the City, particularly with regard to the time of purchases and sales. page 2