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6.A. -Page 7 of 40 CITY OF REDWOOD CITY INVESTMENT POLICY V. Delegation of Authority A. The City of Redwood City Municipal Code Section 2.33.1 specifies that the City Treasurer (Assistant City Manager of Administrative Services)is authorized to invest or deposit the City's funds in accordance with this policy, California Government Code Sections 53600 and 53630 et seq. and all other related Federal and State laws. In the absence of the City Treasurer, and unless otherwise delegated, the Deputy Treasurer will serve as the acting Treasurer. The City Treasurer may appoint the Deputy Treasurer to act on behalf of the City. The City Treasurer will provide written authorization in delegating any of his/her authority. B. The City Manager will provide periodic oversight to the investment function which includes but is not limited to reviewing quarterly investment reports issued by the City Treasurer. C. The City Council's primary responsibilities over the investment function include approving the Investment Policy, annually reviewing such policy, reviewing quarterly investment reports issued by the City Treasurer, authorizing bond documents and other unique financing transactions, and authorizing any deviations from the City's investment policies. D. The Finance/Audit Sub -Committee of the City Council will act in an advisory capacity a n d provide oversight to the investment function through the periodic review of the investment report and policy. E. The City may engage the services of one or more external investment managers/advisors to assist in the management of the City's investment portfolio in a manner consistent with the City's objectives. Such external managers may be granted discretion to purchase and sell investment securities in accordance with this Investment Policy. Such managers must be registered under the Investment Advisers Act of 1940. The City is currently in contract with PFM Asset Management for Investment Advisory Services through FY 2018-19. VI. Ethics and Conflict of Interest A. All officials, staff members and consultants, involved in the investment functions will refrain from personal business activity that could conflict with the performance of the investment function or which may impair their ability to make impartial investment decisions. All investment personnel shall comply with reporting requirements of applicable State laws including annual filling of a Statement of Economic Interest. The Treasurer and staff shall avoid any transaction that might impair public confidence in the City. B. Officials, staff members and consultants shall further disclose any personal financial positions that could be related to the City's cash and investment portfolio. C. All bond issue participants, including but not limited to, underwriters, bond counsels, disclosure counsels, financial advisors, brokers and dealers will disclose any fee sharing arrangements or fee splitting to the Treasurer prior to the execution of any transactions. The providers must disclose the percentage and approximate dollar amount of their share to the City prior to the execution of any transactions. DRAFT on 1/13/20 Approved by Council 1/14/20-19 3 13