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<br />I <br /> <br />I <br /> <br />I <br /> <br />V. DELEGATION OF AUTHORITY <br /> <br />Management responsibiliry for the investment program is hereby delegated to the Director of Finance <br />and the ASsIstant Director of Finance!ControUer 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 lnvestment 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 finn will be required to return a SIgned copy of the <br />Certification by Business Organization substantially ID the form provided ao; Appendix B. The <br />investment management firm, which will act in a fiduciary capacity, must be registered wilh 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 tbe laws of the State of <br />Texas, and investment policies and procedures established by the City. <br /> <br />Investment Officers acting 1n accordance with this standard, written procedures and the Policy and <br />ex ereisi n g due diligence shall be rei i eved of personal rcsponsibiH ty for an indivi dual security's credit <br />risk or market price changes, provided deviations from expectations are reported in a timely fasmon <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/ControJJer 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 mvestment <br />transaCTIOns with the City based on the annual review of the financial condition and registrations of <br />deaiers and institutions conducted by the Investment Officer (Ill accordance \vith Section VII!.I <br /> <br />VI. INVESTMENT PROCEDURES <br /> <br />'fhe Jnvestment Officer(s) shall establish reasonable commercial \Vrinen procedures ibrthe operatIOn <br />ofthe Investment program consistent \vith lhis Policy The procedures should include reterence to <br />the followmg' safekeeping. repurchase agreements, wire transfer agreements, banking servIce <br />contracts and coHateral!depository agreements. No person may engage in an investment transaction <br />except as provided under the tenns ofthis Policy and the procedures established by the Investment <br />Officer(s), <br /> <br />City of San Marcos Investment PolIcy <br /> <br />Page 3 <br />