§ 2-184. Responsibility.

Latest version.

(a)

The investment of funds shall be managed by the clerk, and may be accomplished by the selection of an investment manager. The selection must be approved by the mayor in accordance with the criteria established by the board. The investment manager must acknowledge in writing his obligation as a fiduciary responsible for the investment of the village's assets.

(b)

Prospective investment managers shall be registered investment advisors with the Securities and Exchange Commission under the Investment Act of 1940 or bank trust departments regulated by the Office of Comptroller of the Currency.

(Code 2004, § 27.3)

                    
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