Management responsibility for the investment program is hereby delegated to the treasurer, who shall establish written procedures for the operation of the investment program, consistent with the investment policy. The procedures manual will be maintained to provide for overall guidance of investment strategy and portfolio structure. The procedures will be periodically reviewed and updated at the direction of the treasurer.

The treasurer alone shall have authority to conduct and approve all investment transactions. The treasurer may designate an investment officer to coordinate day to day operations of the investment portfolio. Any delegation in authority must be made in writing and approved by the mayor. No person may engage in an investment transaction except as provided under the terms of this policy and the procedures established by the finance director. The treasurer shall be responsible for all transactions undertaken and shall establish a system of controls to regulate all investment activities.

Subject to required procurement procedures, the city may engage the support services of outside professionals in regard to its financial program, so long as it can be demonstrated or anticipated that these services produce a net financial advantage or necessary financial protection of the city’s resources. External service providers shall be subject to Washington Revised Statutes and the provisions of this investment policy. (Ord. 2937 § 1, 2014)