Res 2001-022 - Laserfiche WebLink

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V. DELEGATION OF AUTHORITY Authority to manage the City's investment program is derived from Resolution 2001-???R. Management responsibility for the investment program is hereby delegated to the Director of Finance and the Budget Officer 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 of this Policy to assure that they are familiar with the goals and objectives of the investment program. 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 Appendix B. The investment management firm, which will act in a fiduciary capacity, must be registered with the Securities and 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 Policy and 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, Deputy City Manager, Director of Finance, and Budget Officer 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). All investment purchases will be executed using the competitive bidding process and settled on a delivery versus payment (DVP) basis. A minimum of three competitive offers on the purchase of every security will be obtained. All investment purchases will be executed in compliance with the City of San Marcos Investment Policy Page 3