Ordinance 2083-95 - Laserfiche WebLink

5.0 Delegation of Authority. Ordinance No.2083-95 delegates investment authority to the City Investment Committee. 5.1 The City Investment Committee's investment actions shall be governed by this policy. 5.2 The City Investment Committee shall be composed of three individuals and one alternate as follows: City Treasurer, Finance Director, one member appointed by the Mayor and an alternate appointed by the Mayor. A quorum shall be 2 members. The alternate member shall be a voting member in the absence of a regular member. 5.3 Minutes of the Investment Committee meeting shall be maintained and distributed as prescribed by the Mayor. The investment strategy of the committee shall be recorded in the minutes of the meeting. 5.4 Decisions of the committee shall require unanimous approval of the members present. If the committee is unable to come to an unanimous decision, and the committee desires a resolution to the issue resulting in a split vote, they shall submit the matter for consideration to the City Council Budget Committee. It is anticipated that the types of issues which may result in a split decision would primarily be matters of Council policy interpretation. 5.4 The City Investment Committee shall be responsible for all transactions undertaken and shall establish a system of controls to regulate all investment activities. 5.5 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 investment transactions based on the recommendations of the City Investment Committee, provided 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.