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3. Delegation of Authority ., Authority to manage the investment program is <br />granted to the Finance Director and other authorized personnel• Additional <br />authorized personnel include any other person or position approved by the City <br />Manager. The City may seek professional advice and therefore may contract with <br />a federally registered investment advisory firm that specializes in public funds <br />fixed income management, This engagement would be set forth in a separate <br />Investment Advisory Agreement approved by the Finance Director. No person <br />may etagage in an investment transaction except as provided under the terms of <br />this policy. The Finance Director shall be responsible for all transactions <br />undertaken and shall establish a system of contt•ols to regulate the activities of <br />subordinate officials. <br />4. Bid Process -The Finance Director will determine the approximate <br />maturity date and optimal type of investment based on the cash flow needs and <br />market conditions, and solicit bids from a tninimutn of tluee qualified institutions <br />as determined under Section IV. Bids shall be held in confidence until the bid <br />deemed to best meet the investment objectives is determined and awarded. With <br />the exception of new issues, t111s process is used for securities purchased or sold. <br />In the event that tluee bids are not available, the Finance Director tnay select a <br />security based upon a documented comparison of similar securities utilizing <br />online resources such as Bloomberg. <br />1<V. Bralcer Dealers, Safekeeping niid Custody <br />1 • Authorized Financial Dealers and Institutions -- The City shall maintain a <br />list of qualified financial institutions as follows: <br />a, Qualified public depositories in accordance with Chapter 280, <br />Florida Statutes, <br />b. A ptitnary oz' regional broker dealer that qualifies under Securities <br />and Exchange Commission (SflC) Rule 15C3-1 {uniform net capital rule) <br />with a minimum net capital of $10 million ($10,000,000) and at least five <br />years of operation; a member of Financial Industry Regulatory Authority <br />(FINRA), and Securities Investors Protectioti Corporation (SIPC}; <br />Both lists shall be reviewed by the Finance Director at least annually, <br />2. Antnial Review ~ An annual review of the qualified financial institutions <br />acid broker/dealers will be conducted by the Finance Director and/ot• Investment <br />Advisor under the direction of the City• The distribution of trading among the <br />approved broker/dealers of securities which at the thite of purchase had maturities <br />greater than 7 days, shall be reported amiually to the City Commission. <br />3. Delivery vs. Pa, n~ rent -Securities transactions between abroker-dealer <br />and the safekeeping agent or custodian involving purchase or sale of securities by <br />transfer of money or securities must be made on a "delivery vs. payment" basis, if <br />4 <br />