Laserfiche WebLink
City of Tukwila My WebLink |HelpSearch Tips |About |Sign Out
limited to advice related to the purchase and sale of investments in accordance with <br />this Investment Policy. Such advisers must be registered under the Investment <br />Advisers Act of 1940. <br />B. Prudence <br />The standard of prudence to be used by the Finance Director or any designees in the <br />context of managing the overall portfolio is the prudent person rule enacted by State <br />Statute (RCW 11.100.020) which states: <br />Investments will be made with judgment and care, under circumstances then <br />prevailing, which persons of prudence, discretion and intelligence exercise in the <br />management of their own affairs not in regard to speculation but in regard to the <br />permanent disposition of the funds considering the probable income as well as the <br />probable safety of the capital. <br />The Finance Director and authorized investment officers and employees who act in <br />accordance with the Finance Director's written procedures and the City's Investment <br />Policy, and who exercise due diligence, shall be relieved of personal responsibility for the <br />credit risk or market price change of an investment, provided deviations from expectations <br />are reported in a timely fashion and appropriate action is taken to control adverse <br />developments. <br />C. Ethics and Conflicts of Interest <br />Officers and designated employees involved in the investment process shall refrain from <br />personal business activity that could conflict with the proper execution of the investment <br />program, or which could impair their ability to make impartial investment decisions. <br />Employees and investment officials shall disclose to the City Manager in writing any <br />material financial interests in financial institutions that conduct business within this <br />jurisdiction, and they shall further disclose any large personal financial/investment <br />positions that could be related to the performance of the City's portfolio. Employees and <br />officers shall subordinate their personal investment transactions to those of the City of <br />Tukwila, particularly with regard to the time of purchases and sales. <br />Persons authorized to invest shall not accept gifts form the institutions with which the City <br />places investments. Occasional business meals are acceptable and must be reported to <br />the Finance Director and Finance Committee. <br />7. Safekeeping, Custody and Controls <br />A. Delivery vs. Payment <br />All trades of marketable securities will be executed (cleared and settled) on a delivery vs. <br />payment (DVP) basis to ensure that securities are deposited in the City's safekeeping <br />institution prior to the release of funds. <br />City of Tukwila Investment Policy 2025 Page 6 of 18 <br />10 <br />