Authority to manage the city's investment program is derived from the city Charter
and this Code. Management responsibility for the investment program is hereby delegated
to the city manager, who shall establish written procedures for the operation of the
investment program consistent with this investment policy. Procedures should include
reference to: safekeeping, PSA repurchase agreements, wire transfer agreements, banking
service contracts and collateral/depository agreements. Such procedures shall include
explicit delegation of authority to persons responsible for investment transactions.
No person may engage in an investment transaction except as provided under the terms
of this policy and the procedures established by the city manager. The city manager
shall be responsible for all transactions undertaken and shall establish a system
of controls to regulate the activities of subordinate officials.
