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c. The County's investment port~blio will be designed with the objective of attaining a <br /> market rate of return while minimizing risk and retaining liquidity. <br /> <br />North Carolina G.S. 159-25(a)6 delegates management responsibility for the <br />investment program to the Finance Director. The Finance Director will establish and <br />maintain written procedures for the operation of the investment program consistent <br />with this investment policy. Such procedures will include explicit delegation of <br />authority to pers_ons responsible for investment transactions. No person may engage in <br />an investment transaction except as provided under the terms of this policy and the <br />procedures established by the Finance Director. The Finance Director will be <br />responsible for all transactions undertaken and will establish a system of controls to <br />regulate the activities of subordinates. <br /> <br />6. Officers and employees hnvolved in the investment process will refrain frompersonal <br /> business activity-that could conflict with proper execution of the investment program, <br /> or which could impair their ability to make impartial investment decisions. <br /> Employees and investment officials will disclose to the County Manager any material <br /> financial interests in financial institutions that conduct business within this <br /> jurisdiction, and they will further disclose any large personal financial/investment <br /> positions that could be related to the performance of the County's portfolio. <br /> Employees and officers will subordinate their personal investment transactions to <br /> those of the County, particularly with regard to the time of purchase and sales <br /> <br />7. The Finance Director will maintain a list of financial institutions who are authorized to <br /> provide investment services. Authorized financial institutions will be selected by <br /> credit worthiness and must maintain an office in the State of North Carolina. These <br /> may include "primary" dealers or regional dealers that qualify under Securities & <br /> Exchange Commission Rule 15C3-I (uniform net capital rule). No public deposit will <br /> be made except in a qualified public depository as established by state laws. <br /> <br />ao <br /> <br />All financial institutions and broker/dealers who desire to become qualified bidders <br />for investment transactions must supply the Finance Director with the following: <br />audited financial statements, proof of National Associations of Security Dealers <br />Certifications, proof of state registrations, and certification of having read the <br />County's investment policy. <br /> <br />bo <br /> <br />A review of the financial condition and registrations of qualified bidders will be <br />conducted by staff. Any financial institution and/or broker/dealer not supplying <br />requested information may be removed from the list by the Finance Director. <br /> <br />8. The County is empowered by North Carolina G.S. 159-30(c) to invest in the following <br /> types of securities: <br /> <br />a. Obligations of the United States or obligations fully guaranteed both as to principal <br /> and interest by the United States. <br /> <br /> 7 <br /> <br /> <br />