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CITY OF REDWOOD CITY <br />INVESTMENT POLICY <br /> draft update: 8/28/17 3 <br />serves as the chief investment officer for the City and is authorized to invest or deposit the City’s <br />funds in accordance with this policy, California Government Code Sections 53600 and 53630 et <br />seq. and all other related Federal and State laws. In the absence of the City Treasurer, and <br />unless otherwise delegated, the Deputy Treasurer will serve as the acting Treasurer. The City <br />Treasurer may appoint the Deputy Treasurer to act on behalf of the City. The City Treasurer will <br />provide written authorization in delegating any of his/her authority. <br /> <br />B. The City Manager will provide periodic oversight to the investment function which includes but <br />is 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 <br />issued by the Treasurer, authorizing bond documents and other unique financing transactions, <br />and authorizing any deviations from the City’s investment policies. <br /> <br />D. The Finance/Audit Sub-Committee of the City Council will provide oversight to the <br />investment 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 <br />to assist in the management of the City’s investment portfolio in a manner consistent with the <br />City’s objectives. Such external managers may be granted discretion to purchase and sell <br />investment securities in accordance with this Investment Policy. Such managers must be <br />registered under the Investment Advisers Act of 1940. The City is currently in contract with <br />PFM Asset Management for Investment Advisory Services through FY 2018-19. <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 <br />investment personnel shall comply with reporting requirements of applicable State laws including <br />annual filling of a Statement of Economic Interest. The Treasurer and staff shall avoid any <br />transaction that might impair public confidence in the City. <br /> <br />B. Officials, staff members and consultants shall further disclose any personal financial <br />positions 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 />6.1.B. - Page 29