Chapter 1.73
INVESTMENT COMMITTEE

Sections:

1.73.010    Investment committee created—Authority.

1.73.020    Officers of investment committee.

1.73.030    Meetings of investment committee.

1.73.040    Report to city council.

1.73.010 Investment committee created—Authority.

There is created an investment committee composed of the city manager and the city’s director of finance and his/her designees as may be assigned by the city manager and/or the director of finance from time to time. The committee is authorized to make investments of city funds, as authorized by law, and, at any time, to convert investments, or any part thereof, into cash, and to engage in all such transactions without the consent of the city council being first obtained for each such transaction. (Ord. 2009-10 § 1, 2009: Ord. 1399 § 1, 1972: Ord. 706 § 1 (part), 1965).

1.73.020 Officers of investment committee.

The city manager is appointed as chairman of the investment committee to preside at all meetings thereof; provided, that the city manager shall designate some other member of the investment committee as chairman thereof to preside at any meeting from which the city manager may be absent.

The finance director, or her designee, is appointed as secretary of the investment committee, and shall maintain a record of the minutes of each meeting of the investment committee, together with a record of all strategy decisions. (Ord. 2009-10 § 2, 2009: Ord. 1399 § 2, 1972: Ord. 706 § 1 (part), 1965).

1.73.030 Meetings of investment committee.

The investment committee shall meet at least semi-annually, at a time designated by the city manager. Additional meetings may be called by the city manager, from time to time, as he deems necessary or desirable for the best interests of the city; provided, the function of the investment committee is deemed to be continual so that the city manager may direct that any two members of the committee may perform functions of the investment committee at any time without a special meeting being called for that purpose. (Ord. 2009-10 § 3, 2009: Ord. 1399 § 3, 1972: Ord. 706 § 1 (part), 1965).

1.73.040 Report to city council.

The finance director shall submit to the city council a quarterly report of all investment transactions of the city of Yakima during the quarter. The report shall be in writing, and shall be submitted to the city council at a regular city council meeting. (Ord. 2009-10 § 4, 2009: Ord. 706 § 1 (part), 1965).