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