Admin Order 44-22-03 -- Investment Policy Update

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Investment Policy – Page 3 Exhibit A to Administrative Order No. 44-22-03 Officers and employees shall, at all times, comply with the State of Oregon Ethics Commission code of ethics set forth in ORS 244 and the City’s gift policy. 3. Delegation of Authority Authority to manage the investment program is derived from the following: ORS 294, City Code section 2.530 and official delegation of the City Manager. Responsibility for the operation of the investment program, including the actions of subordinate officials, lies with the Treasury Officer. The Treasury Officer shall act in accordance with established procedures and internal controls for the operation of the investment program consistent with this investment policy. Procedures should include provisions for: security delivery and safekeeping, investment accounting, repurchase agreements, wire transfer agreements, 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 Treasury Officer. 4. Investment Advisory Board The City Manager will appoint and maintain an Investment Advisory Board composed of four members. The Finance Director and the Treasury Officer serve as permanent members on the Board. In addition, two Executive Managers or Division Managers shall serve staggered three-year terms, and may be reappointed. The Board will meet semi-annually or as necessary to review the City’s investment policies, performance and plan. D. Authorized Financial Dealers and Institutions A list will be maintained of financial institutions authorized to provide investment and safekeeping services. In addition, a list will also be maintained of approved security broker/dealers selected by credit worthiness and other factors considered relevant by the Treasury Officer. These may include primary dealers or regional dealers that qualify under Securities and Exchange Commission (SEC) Rule 15C3-1 (uniform net capital rule). The City will limit all security purchases to institutions on the approved lists. All financial institutions and broker/dealers who desire to become qualified for investment transactions must supply the following, as appropriate: a. Audited financial statements b. Proof of Financial Industry Regulatory Authority (FINRA)certification c. Proof of state registration d. Completed broker/dealer questionnaire e. Certification of having read and understood the City’s investment policy and ORS 294.035 f. References from other local government clients A review of the financial condition and registration of qualified financial institutions and broker/ dealers will be conducted by the Treasury Officer bi-annually. Additions and deletions to the list may be made at the discretion of the Treasury Officer.