Section 18-24 Investment committee.
Prior to the adoption of Ord. 018160 on 07/06/2004, Section 18-24 read as follows.
(a) Investments shall be made by the director of finance or
the directors 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
, with t. The investment committee shall review ing
investments from time to time as it shall deem appropriate. The director of finance shall make a
quarterly report of investments and disbursements as authorized in section 18-26.
(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
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
advisory committee and city council who which may affirm or reject
such policies and direct the
finance director's director of finances investments accordingly.
(Code 1964, § 9.1710; Ord. No. 12868, § 1, 2-4-91)