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C. Return on Investment <br />The investment portfolio will be structured with the objective of attaining a market rate of <br />return throughout economic cycles, commensurate with the investment risk parameters <br />and the cash flow characteristics of the portfolio. <br />D. Legality <br />The investment portfolio will be invested in a manner that meets RCW statutes and all <br />legal requirements of the City. <br />6. Standards of Care <br />A. Delegation of Authority and Responsibilities <br />i. Governing Body <br />The City Council, as the governing body of the City, will retain ultimate fiduciary <br />responsibility for the portfolio. The Council will designate an investment officer to <br />manage the investment program in accordance with RCW sections 35A.40.050, <br />35.39.032, 36.29.020 and City policy and will review and adopt any changes to the <br />investment policy. <br />ii. Delegation of Authority <br />The City Council designates the City's Finance Director, or their designee, as the <br />Investment Officer of the City. No person may initiate investment transactions on <br />behalf of the Investment Officer without the express written consent of the Investment <br />Officer. Both the City and the investment advisor shall maintain record of individuals <br />granted consent to initiate transactions by the Investment Officer. <br />iii. Training: Such procedures shall include explicit delegation of authority to persons <br />responsible for investment transactions to provide adequate redundancy by properly <br />trained and informed staff. All staff engaging in investment transactions shall attend <br />public investment training. Staff shall not engage in any allowable investment <br />transaction for which they cannot articulate a rationale for having done so. <br />iv. Finance Committee: <br />The Finance & Governance Committee shall meet at least annually to receive a report <br />on investment performance and investment compliance. <br />v. Registered Investment Advisor <br />The City may engage the services of an external registered investment adviser to <br />assist with the management of the City's investment portfolio in a manner that is <br />consistent with the City's objectives and this policy. Such advisers shall provide <br />recommendation and advice regarding the City investment program including but not <br />City of Tukwila Investment Policy 2025 Page 5 of 18 <br />9 <br />