2016-070 Ordinance - Laserfiche WebLink

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-5 - Internal Controls The Director of Finance shall develop and maintain procedures for the operation of the City's investment program in accordance with this Investment Policy. These procedures shall be designed to prevent loss of the City's funds due to fraud, error, misrepresentation, unanticipated market changes or imprudent actions. Records and Reporting The Director of Finance shall maintain a current inventory of all investments including: • Description of each security • Cost • Par value • Dates (beginning, settlement and maturity) • Rates • Seller The Director of Finance shall also prepare and distribute to Council, semi-annually, a list of all investments and a report on investment activity and returns. These reports will also be available upon request. Education The Director of Finance shall participate in any beginning and/or continuing education training programs sponsored by the State Treasurer or the State Auditor in which the Director of Finance is required to participate pursuant to Sections 117.44 and 135.22 of the Revised Code. Through participation in those programs, the Director of Finance is to develop and maintain an enhanced background and working knowledge in investment, cash management, and ethics. Ethics and Conflict of Interest The City officials and employees involved in the investment process shall refrain from personal business activity that could conflict with proper execution of the investment program, or which could impair their ability to make impartial investment decisions. Those City officials and employees, and investment consultants to the City, shall: (i) disclose to the City's Director of Law any material financial interests in financial institutions that conduct business within the City and any large personal financial or investment positions that could be related to, or affected by, the performance of the City's portfolio, and (ii) subordinate their personal investment transactions to those of the City, particularly with regard to the timing of purchases and sales. The above supplements the applicable provisions of Ohio ethics laws. Non Binding Arbitration The Director of Finance may enter into a written investment or deposit agreement that includes a provision under which the parties agree to submit to nenbinding arbitration net_ to settle any controversy that may arise out of that agreement so long as such provision meets the requirements of the Revised Code and is specifically approved by the Council.