Res 2004-129 - Laserfiche WebLink

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V. DELEGATION OF AUTHORITY Management responsibility forthe investment program is hereby delegated to the Director of Finance and the Assistant Director of Finance/Controller and they are therefore designated as the Investment Officers under the Texas Public Funds Investment Act. The Investment Officer(s) shall be responsible for all transactions undertaken and shall establish·a system of controls to regulate the activities of subordinate officials. Investment managers under contract to the City or other City employees may also be designated as Investment. Officers by the City CounciL A contracted Investment Manager will perform the investment responsibilities of the Investment Officer. The investment management firm selected to transact investment business on behalf of the City will be provided a copy ofthis Policy to assure thatthey are familiar with the goals and objectives of the investmentprogram. All key investment professionals of the investment management firm· will be. required to return a signed copy of the Certification by Business Organization substantially in the fOrm provided as AppendixB. The investment management firm, which will a.ct in a fiduciary capacity, must be registered with. the Securiti~sand Exchange Commission under the Investment Advisor's Act of 1940~· The Investment Manager will be required to manage the City's funds in accordance with the laws of the State of Texas, and investment policies and procedures established by the City. Investment Officers acting in accordance with this standard, written procedures and the Policyand exercising due diligence shall be relieved of personal responsibility for an individual security's credit· risk or market price changes, provided deviations from expectations are reported in a timely fashion and appropriate action is taken to control adverse developments. An Investment Committee . consisting of the City Manager, Director of Finance, and Assistant Director of Finance/Controller is established to review monthly reports and Policy changes as well as advise the City Council on investment matters. The Investment Committee shall, at least annually, review, revise, and adopt a list of authorized broker/dealers that may engage in investment transactions with the City based on the annual review of the financial condition and registrations of dealers and institutions conducted by the Investment Officer (in accordance with Section VIII). VI. INVESTMENT PROCEDURES The Investment Officer( s) shall establish reasonable commercial written procedures for the operation of the investment program consistent with this Policy. The procedures should include reference to the following: safekeeping, repurchase agreements, wire transfer agreements, banking service contracts and collateral/depository agreements. No person may engage in an investment transaction except as provided under the terms of this Policy and the procedures established by the Investment Officer(s). City of San Marcos Investment Policy Page 3