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CITY OF REDWOOD CITY <br />INVESTMENT POLICY <br /> Last update: 6/22/2016 3 <br />Government Code Sections 53600 and 53630 et seq. and all other related Federal and State laws. <br />In the absence of the City Treasurer, and unless otherwise delegated, the Deputy Treasurer will <br />serve as the acting Treasurer. The City Treasurer may appoint the Deputy Treasurer to act on <br />behalf of the City. The City Treasurer will provide written authorization in delegating any of his/her <br />authority. <br /> <br />B. The City Manager will provide periodic oversight to the investment function which includes but is <br />not limited to reviewing monthly investment reports issued by the City Treasurer. <br /> <br />C. The City Council’s primary responsibilities over the investment function include approving the <br />Investment Policy, annually reviewing such policy, reviewing monthly investment reports issued <br />by the Treasurer, authorizing bond documents and other unique financing transactions, and <br />authorizing any deviations from the City’s investment policies. <br /> <br />D. The Finance Sub-Committee of the City Council will provide oversight to the investment <br />function through the periodic review of the investment report and policy. <br /> <br />E. The City may engage the services of one or more external investment managers/advisors to <br />assist in the management of the City’s investment portfolio in a manner consistent with the City’s <br />objectives. Such external managers may be granted discretion to purchase and sell investment <br />securities in accordance with this Investment Policy. Such managers must be registered under <br />the Investment Advisers Act of 1940. <br /> <br />VI. Ethics and Conflict of Interest <br /> <br />A. All officials, staff members and consultants, involved in the investment functions will refrain <br />from personal business activity that could conflict with the performance of the investment <br />function or which may impair their ability to make impartial investment decisions. All investment <br />personnel shall comply with reporting requirements of applicable State laws including annual filling <br />of a Statement of Economic Interest. The Treasurer and staff shall avoid any transaction that might <br />impair public confidence in the City. <br /> <br />B. Officials, staff members and consultants shall further disclose any personal financial positions <br />that could be related to the City’s cash and investment portfolio. <br /> <br />C. All bond issue participants, including but not limited to, underwriters, bond counsels, disclosure <br />counsels, financial advisors, brokers and dealers will disclose any fee sharing arrangements or <br />fee splitting to the Treasurer prior to the execution of any transactions. The providers must <br />disclose the percentage and approximate dollar amount of their share to the City prior to the <br />execution of any transactions. <br /> <br />VII. Investment Controls <br /> <br />A. The City Manager shall oversee and ensure that the City Treasurer implements and maintains a <br />system of internal investment controls and segregated responsibilities of the investment <br />function in order to prevent fraud, theft, loss of principal, loss of control over funds, inaccurate <br />reporting, negligence, and over-reliance on a single employee for investment decisions. <br /> <br />6.1.I. - Page 16