Ordinance 3536-17 - Laserfiche WebLink

5.1.2 The Investment Committee shall meet quarterly or as needed as determined by the Committee. 5.2 Daily Management Authority for day-to-day management of the City's investment program is hereby delegated to the Treasurer, who shall be responsible for all transactions undertaken and shall establish a system of controls to regulate the activities of subordinate staff, and their procedures in the absence of the Treasurer. 5.2.1 Investment procedures for the operation of the investment program shall be consistent with this policy. 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 Treasurer. 6.0 Ethics and Conflicts of Interest The Investment Committee members shall refrain from personal or 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 City Council any material financial interests in financial institutions that conduct business within their jurisdiction, and they shall further disclose any large personal financial/investment positions that could be related to the performance of the City of Everett portfolio, particularly with regard to the timing of purchases and sales. 7.0 Authorized Financial Dealers and Institutions The Treasurer will maintain a list of financial institutions and broker/dealers that are approved to transact with the City for investment purposes. 7.1 All financial institutions and broker/dealers must be approved by the Investment Committee before being placed on the list. 7.2 All financial institutions must be approved by the State of Washington Public Deposit Protection Commissions (RCW 39.58) and meet all capital requirements. No public deposit shall be made except in a qualified public depository as established by the state of Washington Public Deposit Protection Commission. 7.3 All primary dealers or regional dealers must qualify under the U.S. Securities and Exchange Commission Rule (SEC) 15C3-1- Uniform Net Capital Rule, and 4 I City of Everett Investment Policy (2017)