Page 64 - City of Bedford FY21 Budget

5. Investment Committee. There is hereby created an Investment Committee, consisting of
the City Manager, Assistant City Manager, Director of Finance, City Secretary, Assistant
Finance Director, and one City Council member to be appointed by a majority of the City
Council.

The Investment Committee shall meet at least quarterly to review general strategies and to
monitor portfolio performance. The Committee shall include in its deliberations such topics as:

a. Economic outlook,
b. Portfolio diversification,
c. Maturity structure,
d. Risk considerations,
e. Authorized broker/dealers,
f. Independent investment training sources, and
g. Target rate of return on the portfolio.

The Investment Committee shall provide for minutes of its meetings.

Any two members of the Committee may request a special meeting, and three members shall
constitute a quorum.

The Committee shall establish its rules of procedure.

6. Investment Training. In order to ensure the quality and capability of BEDFORD’s
investment personnel, BEDFORD shall provide periodic training in investments through
courses and seminars offered by professional organizations and associations as required by the
PFIA. The Investment Officers shall attend at least one training session accumulating at least
ten (10) hours relating to the Officer's responsibility under the Act within twelve (12) months
after assuming duties, and thereafter, attend investment training session(s) not less than once
every two years (aligned with the City’s fiscal year end), receiving an additional eight (8) hours
of training. The training shall be conducted by independent training sources approved by the
Investment Committee.

7. Investment Policy Certification. Local government investment pools and discretionary
investment management firms shall provide certification of having read BEDFORD’s
Investment Policy signed by a qualified representative of the organization, acknowledging that
the organization has implemented reasonable procedures and controls in an effort to preclude
imprudent investment activities arising out of investment transactions conducted between the
City and the organization in accordance with the Act.

IV. Broker/Dealers, Internal Controls and DVP.

1. Authorized Broker/Dealers. A list will be maintained of “primary” dealers or regional
dealers that qualify under Securities and Exchange Commission (SEC) Rule 15C3-1 (uniform
net capital rule). All investment providers, financial institutions and broker/dealers who desire to
become qualified for investment transactions must supply the following as appropriate:

a. Audited financial statements

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