Laserfiche WebLink
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 />