§ 31-80. Committee on investments; consultants for investments.

(a)

The board shall nominate, for the approval of the city council, a committee on investments, consisting of seven (7) members, one (1) of whom shall be the city manager or an employee of the city designated by the city manager, and two (2) of whom shall be members of the board. The remaining four (4) members need not necessarily be members of the board but shall preferably be persons with financial, real estate, or investment backgrounds. The function of this committee shall be to make recommendations to the board for the investments of the reserve or the sale of the securities of the fund. The board shall not make any investment nor sell any securities of the fund unless recommended in writing by the committee on investments.

(b)

The city manager or designee member of the committee and the two (2) committee members from the board shall be appointed annually. For the calendar year beginning January 1, 2011, two (2) of the four (4) remaining committee members shall be appointed for a one-year term, and two (2) committee members shall be appointed for a two-year term. Thereafter, the appointments of these four (4) committee members shall be for two-year terms.

(c)

Members of the committee on investments who are not city employees, officers or officials shall receive compensation in the amount of one hundred dollars ($100.00) for each month in which the committee has met; city employees, officers or officials shall serve without compensation. All members of the committee shall be reimbursed for any expenses incurred while serving as members of the committee.

(d)

Notwithstanding the foregoing, in the alternative, the board may, at its option, select one (1) or more consultants for portfolio management for the purposes of making investments of the reserve and/or sales of the securities of the fund.

(Ord. No. 51, § 24; Ord. No. 2148, § 1; Code 1961, § 32-30; Ord. No. 2709-80; Ord. No. 3267-84; Ord. No. 3523-86; Ord. No. 4836-95; Ord. No. 6434-07, § 1; Ord. No. 6546-08; Ord. No. 6717-10)

(Ord. No. 51, § 24; Ord. No. 2148, § 1; Code 1961, § 32-30; Ord. No. 2709-80; Ord. No. 3267-84; Ord. No. 3523-86; Ord. No. 4836-95; Ord. No. 6434-07, § 1; Ord. No. 6546-08; Ord. No. 6717-10)