17-2940 Amending Investment Policy

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investment transactions with the same individual(s) with whom business is conducted on behalf of the City. 3. Delegation of Authority - Authority to manage the investment program is granted to the Finance Director and other authorized personnel. Additional authorized personnel include any other person or position approved by the City Manager. The City may seek professional advice and therefore may contract with a federally registered investment advisory firm that specializes in public funds fixed income management. This engagement would be set forth in a separate Investment Advisory Agreement approved by the Finance Director. No person may engage in an investment transaction except as provided under the terms of this policy. The Finance Director shall be responsible for all transactions undertaken and shall establish a system of controls to regulate the activities of subordinate officials. 4. Bid Process —The Finance Director or other authorized personnel shall analyze and determine cash flow needs. Using this information and considering market conditions, City staff or investment managers, or both, as the case may be, shall determine approximate maturity date or dates, analyze and select one or more optimal types of investments, and competitively bid the security or securities in question when feasible and appropriate. V. Broker Dealers, Safekeeping and Custody 1. Authorized Financial Dealers and Institutions — The City shall maintain a list of qualified financial institutions as follows: a. Qualified public depositories in accordance with Chapter 280, Florida Statutes, b. A primary or regional broker dealer that qualifies under Securities and Exchange Commission (SEC) Rule 150-1 (uniform net capital rule) with a minimum net capital of $10 million ($10,000,000) and at least five years of operation; a member of Financial Industry Regulatory Authority (FINRA), and Securities Investors Protection Corporation (SIPC); Both lists shall be reviewed by the Finance Director at least annually. 2. Annual Review - An annual review of the qualified financial institutions and broker/dealers will be conducted by the Finance Director and/or Investment Advisor under the direction of the City. 3. Delivery vs. Payment - Securities transactions between a broker-dealer and the safekeeping agent or custodian involving purchase or sale of securities by transfer of money or securities must be made on a "delivery vs. payment" basis, if applicable, to ensure that the custodian will have the security or money, as appropriate, in hand at the conclusion of the transaction. :]