Page 417 - FY 2026-2027 Adopted Budget Book

Controller

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

The Investment Committee shall at least quarterly 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 officers, 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 conducte d between the City and the organization in accordance with the
Act.

IV. Broker/Dealers, Internal Controls and Delivery Versus Payment.

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
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