§ 2-502. Delegation of authority; establishment of investment committee. [Repealed]

(a) Responsibility for the administration of the investment program is hereby delegated to the city manager. The finance director will be responsible for developing and executing internal controls and monitoring the activities of subordinate staff necessary to implement the city's investment policy.

(b) An investment committee will be appointed in accordance with City of Lake Wales Code section 2-26 for the purpose of formulating alternative investment strategies and short-range directions and for monitoring the performance and structure of the portfolio within established policies. The committee will formulate and recommend change, if necessary, to the investment policies. Members of the committee shall include the city manager, a city commissioner, the finance director, and two (2) members of the public who are eligible for board appointment in accordance with Code section 2-26 and who are qualified to perform the duties assigned to the committee. Public members shall be appointed by the city commission to serve four (4) year terms. The investment committee shall meet on a quarterly basis or as needed.

(Ord. No. 95-44, § 1, 12-19-95; Ord. No. 2017-02, § 9, 02-07-2017)