Res 2004-129 - Laserfiche WebLink

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funds; and (E)a requirement for settlement of all transactions, except investment pool funds and mutual funds, on a delivery versus payment basis~ (c) The investment pôlicies may provide that bids for certificates of deposit be solicited: (l) orally; (2) in writing; (3) electronicâlly; or (4) in any combination of those methods. (d) As an integral part of an investment policy, the governing body shall adopta separate written investment strategy for each of the funds or group of funds under its conttol. Each investment strategy must describe the investment objectives for the particular fund using the following priorities.in order ofimportance: (1) understanding ofthe·suita1:)ility ofthe investment to thefmancial requirements of the entity; (2) preservation and safety of principal; (3) .liquidity; (4) marketability of the investment if the need arises to liquidate the investment before maturity; (5) diversification of the investment portfolio; and (6) yield. (e) The governing body of an investing entity shall review its investment policy and investment strategies not less than annually. The governing body shall adopt a written instrument by rule, order, ordinance or resolution stating that it has reviewed the investment policy and investment strategies and that the written instrument so adopted shall record any changes made to either the investment policy or investment strategies. (f) Each investing entity shall designate, by rule, order, ordinance, or resolution, as appropriate, one or more officers or employees of the state agency, local government, or investment pool as investment officer to be responsible for the investment of its funds consistent with the investment policy adopted by the entity. If the governing body of an investing entity has contracted with another investing entity to invest its funds, the investment officer of the other investing entity is considered to be the investment officer of the first investing entity for purposes of this chapter. Authority granted to a person to invest an entity's funds is effective until rescinded by the investing entity until the expiration of the officer's term or the termination ofthe person's employment by the investing; entity, or if an investment management firm, until expiration of the contract with the investing entity. In the administration of the duties of an investment officer, the person designated as investment officer shall exercise the judgment and care, under prevailing circumstances, that a prudent person would exercise in the management of the person's own affairs, butthe governing body of the investing entity retains ultimate responsibility as fiduciaries of the assets of the entity. Unless authorized by law, a person may not deposit, withdraw, transfer, or manage in any other manner the funds of the investing entity. City of San Marcos Investment Policy Page 21