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appointed Investment Officer must attend a training session of at least 10 hours of instruction within twelve <br /> months of the date the officer took office or assumed investment officer duties. The investment training <br /> sessions shall be provided by an independent source approved and authorized to issue PFIA training <br /> certification. For purposes of this Policy, an "independent source"from which investment training shall be <br /> obtained shall include a professional organization, an institution of higher education or any other sponsor <br /> authorized to issue PFIA training certification.. <br /> Investment Committee <br /> An Investment Committee consisting of the Finance and Audit committee members, and Accounting <br /> Manager is established to review quarterly reports and Policy changes as well as advise the City Council <br /> on investment matters. The Investment Committee shall, at least annually or as required by market <br /> conditions, review, revise, and adopt a list of authorized broker/dealers that may engage in investment <br /> transactions with the City based on the annual review of the financial condition and registrations of dealers <br /> and institutions conducted by the Investment Officer(s)(in accordance with this Policy). <br /> VII. INVESTMENT PROCEDURES <br /> The Investment Officer(s)shall establish reasonable commercial written procedures for the operation of the <br /> investment program consistent with this Policy. The procedures should include to safekeeping, repurchase <br /> agreements,wire transfer agreements, banking service contracts and collateral/depository agreements. No <br /> person may engage in an investment transaction except as provided under the terms of this Policy and the <br /> procedures established by the Investment Officer(s).Investment Committee will make the recommendation <br /> when to contract with an Investment Advisor/Manager firm depending on market conditions and review/ <br /> analysis of contract cost versus investment portfolio return. <br /> All investment purchases will be executed using the competitive bidding process and settled on a delivery <br /> versus payment(DVP)basis.A minimum of three competitive offers on the purchase/sale of every security <br /> will be obtained or approval from an Investment Committee officer on a competitive offer due to market <br /> conditions and time constraints. All investment purchases will be executed in compliance with the Internal <br /> Revenue Service's Fair Market Rules. <br /> VIII. ETHICS AND CONFLICTS OF INTEREST <br /> Investment officers and employees involved in the investment process shall refrain from any personal <br /> business activity that could conflict with proper execution of the investment program, or which could impair <br /> their ability to make impartial investment decisions. Investment officers shall disclose in writing to the City <br /> Manager any material financial interests in financial institutions that conduct business with the City, and <br /> they shall further disclose any large personal financial/investment positions that could be related to the <br /> performance of the City's portfolio. Investment officers involved in the investment process with personal <br /> business relationships or relatives within the second degree of affinity or consanguinity seeking to sell <br /> investments/securities to the City shall disclose the relationship and file a statement with the Texas Ethics <br /> Commission and the City Council. Personal business relationships are defined in the Act. <br /> IX. AUTHORIZED BROKER/DEALERS AND FINANCIAL INSTITUTIONS <br /> The objective of safety requires that the City transact business with financially strong broker/dealers and <br /> financial institutions. Therefore, financial broker/dealers and institutions shall be subject to a screening <br /> process by the Investment Officers and/or City contracted Investment Advisor/Manager to eliminate those <br /> dealers and institutions that lack economic viability or whose past practices put the safety of public capital <br /> at risk. <br /> The Investment Advisor/Manager under contract will observe the instructions of the City with respect to <br /> broker/dealers who are approved to execute transactions involving the City's Managed Funds and in the <br /> City of San Marcos Investment Policy <br /> 3 <br />