Laserfiche WebLink
<br />shall be eligible to serve as a depository, but must be periodically <br />and substantively reviewed. <br /> <br />2. Brokers/Dealers: <br /> <br />Purchases of securities shall be limited those to brokers/dealers <br />selected by the Finance Department and approved by Council. <br />Selected brokers/dealers shall provide proof of National Association <br />of Security Dealers certification, an audited financial statement <br />for the most recent period, and proof of current registration with <br />the State Securities Commission. <br /> <br />Brokers/dealers selected to transact investment business with the <br />City shall be presented a written copy of this Investment Policy and <br />Broker/Dealer Questionnaire. Additionally, the registered principal <br />of the business organization seeking to transact investment business <br />shall execute a written instrument substantially to the effect that <br />the registered principal has: <br /> <br />1. Received and reviewed this Investment Policy, and <br /> <br />2. Acknowledged that the organization has implemented <br />reasonable procedures and controls in an effort to <br />preclude imprudent investment activities with the <br />City. <br /> <br />The City shall not enter into an investment transaction with a <br />broker/dealer prior to receiving the written instrument described <br />above. Brokers/dealers selected may include "primary" dealers or <br />regional dealers that qualify as "Qualified Representatives" under <br />Chapter 2256, Public Funds Investment Act, of the Texas Government <br />Code. <br /> <br />The City Council shall annually review, revise and adopt a list of <br />selected brokers/dealers recommended by the Finance Department that <br />are authorized to engage in investment transactions with the City. <br /> <br />3. Investment Managers: <br /> <br />The City may contract with an Investment Manager to perform the <br />investment responsibilities of the Investment Officer. The <br />Investment Management firm selected to transact investment business <br />on behalf of the City shall be presented a written copy of this <br />Investment Policy. All key investment professionals of the <br />Investment Management firm involved in investing the City's funds <br />shall execute a written instrument substantially to the effect that <br />the investment professional has: <br /> <br />1. Received and reviewed this Investment Policy, and <br /> <br />2. Acknowledged that the firm has implemented reasonable <br />procedures and controls in an effort to preclude <br />imprudent investment activities with the City. <br /> <br />The Investment Management firm must be registered with the <br />Securities and Exchange Commission (SEC) under the Investment <br />Advisor's Act of 1940 who will act in a fiduciary capacity. The <br />Investment Manager will be required to manage the City's funds in <br />accordance with the laws of the State of Texas, and investment <br />policies and procedures established by the City of San Marcos. <br /> <br />City of San Marcos Cash Management and Investment Policy <br />Page 6 of 24 <br />