Ordinance 1903-92 - Laserfiche WebLink

5. 0 Delegation of Authority. Ordinance No. -92 delegates investment authority to the City Treasurer. The Treasurer's investment actions shall be governed by this 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 investment transactions, provided that in extreme cases 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 Treasurer 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 Treasurer shall refrain from personal business activity that could conflict with the proper execution of the investment program, or which could impair her/his ability to make impartial investment decisions. The Treasurer shall disclose to the Mayor and the Council any material financial interests in financial institutions that conduct business with the City, and she/he shall further disclose any large personal financial/investment positions that could be related to the performance of the City's portfolio. The Treasurer shall subordinate her/his personal investment transactions to those of the City, particularly with regard to the time of purchases and sales. 7 .0 Authorized Financial Dealers and Institutions. The Treasurer shall maintain a list of financial institutions authorized to provide investment services. In addition, a list will also be maintained of approved security broker/dealers selected by credit worthiness, 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. All financial institutions and broker/dealers who desire to become qualified bidders for investment transactions must supply the Treasurer with their most recent audited financial statements.