The authority of the District's Board of Directors ("Board") to invest or reinvest
funds of the District is delegated by Board Resolution in conjunction with the annual
investment policy review. Management responsibility for the investment program is
hereby delegated to the AGM who shall be responsible for all transactions undertaken
and shall establish a system of controls to regulate the activities of subordinate
officials, and their procedures in the absence of the AGM. The AGM shall establish
procedures for the management of investment activities, including the activities of
staff consistent with this Policy.
The AGM may retain the services of an outside investment advisor or manager as approved
by the Board to assist with the District's investment program. Qualified outside managers
will be either SEC Registered Investment Advisors or Bank Money Managers. The investment
advisor shall make all investment decisions and transactions in strict accordance
with State and Federal law, this Policy and such other written instructions as are
provided. The investment advisor or manager may not take possession of the District's
cash or securities. The performance and service levels of investment advisors and
managers shall be reviewed annually.
