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objective of attaining a rate of return throughout budgetary and economic cycles, commensurate with <br />the City's investment risk constraints and the cash flow characteristics of the portfolio. <br />5.0 DELEGATION OF AUTHORITY AND TRAINING <br />Authority to manage the City's investment program is derived from the City's charter and reconfirmed <br />by adoption of this policy by the City Council. Management responsibility for the investment program <br />is hereby delegated to the Director of Finance who shall be responsible for all transactions undertaken. <br />The Finance Director, may utilize appropriate staff personnel to assist in this area when necessary. <br />Procedures and controls to regulate the details of the investment program may be developed by the <br />Finance Director as needed. The investment officer shall attend at least one training session relating to <br />the officer's responsibility under the Act within 12 months of assuming duties and complete at least 10 <br />hours of training every two years thereafter. Such training shall be provided by any independent <br />source outside the City such as the Texas Municipal League or the Government Finance Officers <br />Association. <br />6.0 CONFLICTS <br />Officers and employees involved in the investment process shall refrain from personal business activity <br />that could conflict with proper execution of the investment program, or which could impair their ability <br />to make impartial investment decisions. Employees and investment officials shall disclose to the City <br />Manager any material financial interests in financial institutions that conduct business within this <br />Jurisdiction, and they shall further disclose any large personal financial/investment positions that could <br />be related to the performance of the City, particularly with regard to the time of purchases and sales. <br />The investment officer must file a disclosure statement with the Texas Ethics Commission and the <br />governing body if the officer has a personal business relationship (as defined in 2256.005 (i) (1-3) with a <br />business organization offering to engage in an investment transaction with the City. A disclosure <br />statement must also be filed by the investment officer if the investment officer is related within the <br />second degree by affinity or consanguinity as determined under Chapter 573 of the Texas Government <br />Code, to an individual seeking to transact investment business with the entity. <br />7.0 AUTHORIZED FINANCIAL DEALERS AND INSTITUTIONS <br />The Finance Director will maintain a list of financial institutions authorized to provide investment <br />services. No public deposit shall be made except in a qualified public depository as established by state <br />law. All financial institutions and broker/dealers who desire to become qualified bidders for investment <br />transactions must supply the Finance Director with the following: audited financial statement, proof of <br />National Association of Security Dealers certification, trading resolution, proof of state registration, <br />completed broker/dealer questionnaire if requested, and certification of having read entity's investment <br />policy. <br />An annual review of the financial condition and registrations of qualified bidders will be conducted by <br />the Finance Director. <br />A current audited financial statement is required to be on file for each financial institution and <br />broker/dealer in which the City of Paris invests. <br />8.0 AUTHORIZED/SUITABLE INVESTMENTS <br />The City of Paris is empowered by statue to invest in the Types of securities authorized by Chapter 2256 <br />of the Government Code. Even if allowed by the Public Funds Investment Act, the City of Paris will not <br />