Page 455 - Bedford-FY22-23 Budget

Accounting Manager

Assistant Finance Director
Senior Accountant

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, Accounting Manager Senior Accountant, 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, including education in investment controls, security risks, strategy risks, market risks,
diversification of investment portfolio, and compliance with 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.

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