Page 559 - Bedford-FY24-25 Budget

person’s own affairs, not for speculation, but for investment, considering the probable safety of
capital and the probable income to be derived.” Investment Officers acting in accordance with
written policies and procedures, and exercising due diligence, shall be relieved of personal
responsibility for an individual investment's credit risk or market price changes, provided
deviations from expectations are reported in a timely fashion.

2. Ethics and Conflicts of Interest. Investment Officers shall refrain from personal business activity
that could conflict with the proper execution and management of the investment program, or that
could impair their ability to make impartial decisions. Investment Officers shall disclose any
material interests in financial institutions with which they conduct business. They shall further
disclose any personal financial/investment positions that could be related to the performance of
the investment portfolio. Investment Officers shall refrain from undertaking personal investment
transactions with the same individual with whom business is conducted on behalf of Bedford.

An Investment Officer who has a personal business relationship, as defined by the PFIA, with a
depository bank or with any entity seeking to sell an investment to Bedford shall file a statement
disclosing that personal business interest. An Investment Officer who is related within the second
degree of affinity or consanguinity to an individual seeking to sell an investment to Bedford shall
file a statement disclosing that relationship. A statement required under this subsection must be
filed with the Texas Ethics Commission and the City Council.

3. Delegation of Authority. Authority to manage and operate the investment program is granted to
the Director of Finance. The Director of Finance shall establish written procedures and internal
controls for the operation of the investment program consistent with this Investment Policy.
Procedures should include, but not be limited to: account management procedures, cash flow
estimation procedures, investment transaction procedures, authorized broker/dealer selection
process, and investment portfolio reporting requirements. No person may engage in an investment
transaction except as provided under the terms of this Policy and the procedures established by the
Director of Finance. The Director of Finance shall be responsible for all transactions undertaken
and shall establish a system of controls to regulate the activities of the Authorized Investment
Officers and subordinate officials.

4. Authorized Investment Officers.

Assistant City Manager
Director of Finance
Accounting Manager

5. Investment Committee. There is hereby created an Investment Committee, consisting of the City
Manager, Assistant City Manager, Director of Finance, City Secretary, Accounting Manager, 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,

3