Section 18-24 Investment committee.


    (a)     Investments shall be made by the director of finance or the director’s designee  under the direction and review of the investment committee. The investment committee shall establish a general policy for investments, and the fund shall be invested by the director of finance in accordance with that policy . T he investment committee shall  review the  investments from time to time as it shall deem appropriate. The director of finance shall make a quarterly report of investments and disbursements .

    (b)     The investment committee shall consist of:

    (1)    Two (2) members of the firefighters' retirement board selected by that board ; one of whom shall be a citizen and the other a firefighter; and

    (2)    Two (2) members of the police retirement board selected by that board ; one of whom shall be a citizen and the other a police officer; and

        (3)        The director of finance.

    (c)     The director of finance shall be a nonvoting member of the investment committee; the affirmative vote of three (3) members of the committee shall be necessary to take any action.

    (d)     The policies of the committee shall be advisory and subject to the review of the city council which  may affirm or reject such policies and direct the   director of finance’s  investments accordingly.

(Code 1964, § 9.1710; Ord. No. 12868, § 1, 2-4-91; Ord. No. 018160, § 1, 7-6-04)


(Ord. 018160, Amended, 07/06/2004, Prior Text)